TRENTON – They came out here finally and faced the cameras, the Democratic leadership of New Jersey. As first reported by InsiderNJ, the $35.6 billion budget deal in place hinges on a mega millionaire’s tax, 2 percent CBT hike over four years, and no sales tax increase.
At a press conference with Senate President Steve Sweeney, Speaker Craig Coughlin and other party leaders, Murphy told reporters that the mega millionaire’s tax would raise $280 million in new revenues. He later included projections of a Supreme Court internet sales tax decision in that figure.
“Raising the rate doubled the amount of money,” he said of his revenue generated by the mega millionaire’s tax, pushing back against reporters who challenged his declaration of success a day after he denounced the $5 million threshold.
He celebrated the total inclusion of $25 million for community colleges.
Moreover, “I will not declare a shutdown in the interim,” Murphy added.
“This is not a win for anyone of us individually,” he said. “This is a win for the middle class.”
Sweeney said his house would caucus at 7 a.m. and have an 8 a.m. session. He played down the acrimony often evident in the attacks and counter attacks throughout the process.
“Thank you, Governor,” Sweeney beamed.
“To my caucus and the members of my leadership team, thank you for you leadership,” said Coughlin. “We always fought for our house.”
The Assembly will also caucus at 7 a.m. and have a session at 8 a.m. on Sunday.
“We’re still in session,” said the Speaker.
NJTV correspondent David Cruz asked the leaders about all the fighting.
“We’re Democrats,” said Sweeney.
Murphy said he’s swearing in several mayors tomorrow and hopes to catch a little Sunday soccer.
“There was always very little disagreements about the investments we wanted to make,” the Governor said. “Where we had disagreements was on how we would fund those investments.”