Dad On Retire
  • About us
  • Contacts
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms and Conditions
  • Thank you
  • Economy
  • Editor’s Pick
  • Investing
  • Stock
No Result
View All Result
  • Economy
  • Editor’s Pick
  • Investing
  • Stock
No Result
View All Result
Dad On Retire
No Result
View All Result
Home News

New Jersey Gov. Murphy unveils $51.3B budget plan

DadOnRetire by DadOnRetire
March 1, 2023
in News
0
New Jersey Gov. Murphy unveils $51.3B budget plan
0
SHARES
6
VIEWS
Share on FacebookShare on Twitter

New Jersey Democratic Gov. Phil Murphy on Tuesday unveiled a $53.1 billion budget for fiscal year 2024, about 5% more than the spending plan he signed for the current year, proposing more school aid, a renewed property tax rebate program and billions more for public pensions, transportation and other projects.

Murphy, who won a second term as governor in 2021, cast the budget as a helping hand to residents facing risings costs and fallout from COVID-19.

‘First it was the pandemic, and now it is inflation. You’ve been paying more for everything from gas to groceries, and your paycheck hasn’t kept up,’ he said. ‘This entire budget is purpose-built to help you find your place in the next New Jersey by securing your place in the New Jersey of right now.’

The governor announced his plan during a speech in the Democrat-led Legislature’s Assembly chamber, an annual tradition that halted during the height of the COVID-19 outbreak. New Jersey’s constitutional deadline to enact a balanced budget is June 30.

Murphy is seeking to carry out campaign promises he made in his first gubernatorial run: For a third straight year, he has proposed making a full payment to the state’s public pension fund. That would be about $7 billion, up $250 million from last year. The pIan would finance K-12 education according to a formula approved by the state Supreme Court, increasing funding about 8% to $10.75 billion. The governor also wants to hold New Jersey Transit fares flat and set aside about $1 billion for universal pre-K, up $110 million over the current year.

The proposal includes no tax increases.

Murphy campaigned for office in part on raising income tax rates on people making more than $1 million, a promise he and lawmakers fulfilled in 2020. That year’s budget also increased business taxes by 1 percentage point, a raise designed to expire after four years. That time’s is up, and Murphy isn’t seeking to renew the higher tax rate.

The governor also aims to renew a property tax rebate program for a second year, part of his push to cast the state as more affordable. The program carries a $2 billion price tag and promises families making up to $150,000 a rebate check of $1,500. Those earning from $150,000 to $250,000 get $1,000 in rebates. Continuing last year’s assistance for renters, those making up to $150,000 would get $450. The program would help an estimated 1.5 million households.

New Jersey has among the highest property taxes in the nation, averaging about $9,500 a year.

Republicans — in the minority in the Legislature but emboldened after picking up seven seats in 2021 — panned the proposal, calling on the governor to cut taxes.

‘When the state is flush with money, there’s no excuse for Governor Murphy to continue ignoring tax relief that would make a big difference to families and businesses struggling with inflation,’ Senate Republican Steve Oroho said.

Murphy’s proposal must first progress through the Legislature, which can alter it before the governor signs it into law. All 120 state lawmakers are on the ballot this November.

This post appeared first on FOX NEWS

New Jersey Democratic Gov. Phil Murphy on Tuesday unveiled a $53.1 billion budget for fiscal year 2024, about 5% more than the spending plan he signed for the current year, proposing more school aid, a renewed property tax rebate program and billions more for public pensions, transportation and other projects.

Murphy, who won a second term as governor in 2021, cast the budget as a helping hand to residents facing risings costs and fallout from COVID-19.

‘First it was the pandemic, and now it is inflation. You’ve been paying more for everything from gas to groceries, and your paycheck hasn’t kept up,’ he said. ‘This entire budget is purpose-built to help you find your place in the next New Jersey by securing your place in the New Jersey of right now.’

The governor announced his plan during a speech in the Democrat-led Legislature’s Assembly chamber, an annual tradition that halted during the height of the COVID-19 outbreak. New Jersey’s constitutional deadline to enact a balanced budget is June 30.

Murphy is seeking to carry out campaign promises he made in his first gubernatorial run: For a third straight year, he has proposed making a full payment to the state’s public pension fund. That would be about $7 billion, up $250 million from last year. The pIan would finance K-12 education according to a formula approved by the state Supreme Court, increasing funding about 8% to $10.75 billion. The governor also wants to hold New Jersey Transit fares flat and set aside about $1 billion for universal pre-K, up $110 million over the current year.

The proposal includes no tax increases.

Murphy campaigned for office in part on raising income tax rates on people making more than $1 million, a promise he and lawmakers fulfilled in 2020. That year’s budget also increased business taxes by 1 percentage point, a raise designed to expire after four years. That time’s is up, and Murphy isn’t seeking to renew the higher tax rate.

The governor also aims to renew a property tax rebate program for a second year, part of his push to cast the state as more affordable. The program carries a $2 billion price tag and promises families making up to $150,000 a rebate check of $1,500. Those earning from $150,000 to $250,000 get $1,000 in rebates. Continuing last year’s assistance for renters, those making up to $150,000 would get $450. The program would help an estimated 1.5 million households.

New Jersey has among the highest property taxes in the nation, averaging about $9,500 a year.

Republicans — in the minority in the Legislature but emboldened after picking up seven seats in 2021 — panned the proposal, calling on the governor to cut taxes.

‘When the state is flush with money, there’s no excuse for Governor Murphy to continue ignoring tax relief that would make a big difference to families and businesses struggling with inflation,’ Senate Republican Steve Oroho said.

Murphy’s proposal must first progress through the Legislature, which can alter it before the governor signs it into law. All 120 state lawmakers are on the ballot this November.

This post appeared first on FOX NEWS
Previous Post

Minnesota Republicans propose $13B tax cut

Next Post

House votes to kill Biden’s ‘woke’ ESG investment rule that props up ‘phony climate movement’

DadOnRetire

DadOnRetire

Next Post
House votes to kill Biden’s ‘woke’ ESG investment rule that props up ‘phony climate movement’

House votes to kill Biden’s ‘woke’ ESG investment rule that props up ‘phony climate movement’

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
  • Trending
  • Comments
  • Latest
AG threatens to sue nonprofit accused of going woke if taxpayer money isn’t returned: ‘Choice is yours’

AG threatens to sue nonprofit accused of going woke if taxpayer money isn’t returned: ‘Choice is yours’

February 10, 2023
Arkansas Democrat defends Gov. Sarah Huckabee Sanders amid attack from California’s Gavin Newsom

Arkansas Democrat defends Gov. Sarah Huckabee Sanders amid attack from California’s Gavin Newsom

February 9, 2023
Trump gears up for 2024 rally in Waco, Texas amid ongoing federal investigation, possible NY indictment

Trump gears up for 2024 rally in Waco, Texas amid ongoing federal investigation, possible NY indictment

March 19, 2023

Here’s why every American should be talking about politics and religion on Thanksgiving

November 23, 2023
US military bases that housed Afghan evacuees suffered $260 million in damage

US military bases that housed Afghan evacuees suffered $260 million in damage

0
George Santos scandal brings renewed attention to Biden’s fabrications

George Santos scandal brings renewed attention to Biden’s fabrications

0
Texas ranch owner near border catches men attempting to break into house

Texas ranch owner near border catches men attempting to break into house

0
Maryland Rep. Jamie Raskin diagnosed with ‘serious but curable’ cancer

Maryland Rep. Jamie Raskin diagnosed with ‘serious but curable’ cancer

0
U.S. online stores put ‘out of stock’ signs as Nintendo Switch 2 sales hit record highs

U.S. online stores put ‘out of stock’ signs as Nintendo Switch 2 sales hit record highs

June 12, 2025
U.S. online stores put up ‘out of stock’ signs as Nintendo Switch 2 sales hit record highs

U.S. online stores put up ‘out of stock’ signs as Nintendo Switch 2 sales hit record highs

June 12, 2025
House advances Trump’s $9.4B spending cuts package targeting NPR, PBS, USAID to House-wide vote

House advances Trump’s $9.4B spending cuts package targeting NPR, PBS, USAID to House-wide vote

June 12, 2025
Democrat Congresswoman draws boos over ‘shameful’ sexism remark in committee hearing with Treasury Secretary

Democrat Congresswoman draws boos over ‘shameful’ sexism remark in committee hearing with Treasury Secretary

June 12, 2025

Recent News

U.S. online stores put ‘out of stock’ signs as Nintendo Switch 2 sales hit record highs

U.S. online stores put ‘out of stock’ signs as Nintendo Switch 2 sales hit record highs

June 12, 2025
U.S. online stores put up ‘out of stock’ signs as Nintendo Switch 2 sales hit record highs

U.S. online stores put up ‘out of stock’ signs as Nintendo Switch 2 sales hit record highs

June 12, 2025
House advances Trump’s $9.4B spending cuts package targeting NPR, PBS, USAID to House-wide vote

House advances Trump’s $9.4B spending cuts package targeting NPR, PBS, USAID to House-wide vote

June 12, 2025
Democrat Congresswoman draws boos over ‘shameful’ sexism remark in committee hearing with Treasury Secretary

Democrat Congresswoman draws boos over ‘shameful’ sexism remark in committee hearing with Treasury Secretary

June 12, 2025

Disclaimer: DadOnRetire.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

  • About us
  • Contacts
  • Privacy Policy
  • Terms and Conditions
  • Email Whitelisting

Copyright © 2025 dadonretire.com | All Rights Reserved

No Result
View All Result
  • Economy
  • Editor’s Pick
  • Investing
  • Stock

Copyright © 2025 dadonretire.com | All Rights Reserved