New Jersey Budget

On Feb. 25, Governor Murphy presented a $40.9 billion proposed budget for New Jersey’s 2021 fiscal year. It calls for:

  • An expansion of the top individual tax rate to those earning more than $1 million,
  • A 12.8-percent higher contribution to the public worker pension fund,
  • A $566 million reduction in expenses,
  • An increase in the cigarette tax, and
  • Other spending and savings measures.

Learn more about the budget proposal:


 

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