Murphy Announces Major Tax Increases in Budget Address #Notmygov
Trenton - In his first Budget Address since taking office in January, Governor Murphy announced a whole slew of new taxes.
Remember last year when Gov. Christie and the Democrats announced a compromise on the 23 Cent Gas tax increase? It was offset by lowering the sales tax to 6.625%. Surprise! Surprise! .Gov. Murphy announced today that included in his budget request, is an increase in the rate, taking the sales tax back up to 7% (Where it was prior to the Gas tax increase).
In addition to the increase in the Sales Tax, he is also proposing that Sales Tax be imposed on Uber and Lyft rides.
Also included in the plan was the much anticipated increase of the so called "Millionaires" tax. The increase will take the top bracket to 10.75% on income over 1 million dollars. I don't know about you, but I have never worked for a poor person. More money sent to the state means less money small business owners have to reinvest back into their companies. Less money reinvested means less opportunities for the working class. Do you feel the breeze? That's the mass exodus of wealth leaving the state. In the end this increase will end up coming back to bite them.
The one silver lining in the Governor's address was that he was willing to increase the cap on real estate tax deductions from $10,000 to $15,000. Unless you live in a $400,000 + house I don't see this benefiting most middle income wage earners.
In the end, buckle up folks! We are in for a long 4 years. Let's hope that Senate leadership can put a stop to some of this before we pass the point of no return!