NJPP: Gov. Murphy’s Budget Sets Foundation for Shared Prosperity

In response to Governor Murphy’s FY 2020 budget address, NJPP Senior Policy Analyst Sheila Reynertson commends the proposal for setting a foundation for shared prosperity and fiscal health. See below for NJPP’s full statement.

 

SHEILA REYNERTSON, SENIOR POLICY ANALYST, NJPP:

 

“The budget outlined by Governor Murphy sets a foundation for shared prosperity and fiscal health. It pairs significant cost savings with continued investments in critical programs and services, while also committing to a healthy surplus that will safeguard the state from future economic downturns or natural disasters. Simply put, this is a fiscally sound vision that invests in New Jersey’s greatest assets while lifting up the most vulnerable families in the state. Further, we commend Governor Murphy for centering his speech on the state’s role in providing opportunities to help New Jersey families thrive in a variety of ways, including increased funding for affordable homes, expanding free community college, covering birth support for Black mothers, and increasing the Earned Income Tax Credit.

 

“We also applaud Governor Murphy for his commitment to tax fairness and his inclusion of a true millionaires tax in his budget proposal. Given the state’s growing income inequality, racial disparities, and lopsided tax code, asking New Jersey’s wealthiest individuals to pay a little bit more is the definition of fairness. This overdo change in the tax code will impact less than one percent of tax filers, many of whom just received a generous tax break from changes to the federal tax code. The additional funds from a millionaires tax will help to fund the state’s property tax relief programs and allow the state to continue investing in services that benefit all New Jerseyans.”

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