80% of CPAs Surveyed Are Concerned Governor Murphy’s Proposed $58.1B Budget Will Leave Economy Worse

 – March 10, 2025
80% of CPAs Surveyed Are Concerned Governor Murphy’s Proposed $58.1B Budget Will Leave Economy Worse

Respondents Ask for More Tax Relief and Less Non-Essential Spending

Eighty percent of the 350 certified public accountants (CPAs) surveyed by the New Jersey Society of Certified Public Accountants (NJCPA) after Governor Murphy proposed his $58.1 billion budget for fiscal year 2026 on Feb. 25 said the budget will leave the state’s economy either marginally worse or significantly worse over the long term. Forty-seven percent said the economy would get “significantly worse” and 33% said it would get “marginally worse.”

With the looming threat of federal cuts to Medicaid and NJ Transit funding, 80% of the respondents also said Governor Murphy should have made additional cuts to prepare for the worst-case scenario. Survey respondents flagged several areas for cost-cutting measures that the Murphy Administration should have focused on, which include government spending on non-core services, the state’s pension obligations, not paying out unused vacation pay to legislators upon retirement, eliminating duplication in municipal services, reducing taxes on personal income and real estate, making state spending more efficient and privatizing NJ Transit. They also recommended lowering corporate taxes to attract more companies to move to the state.



In his final budget address in office, Governor Murphy highlighted having a proposed budget surplus of $6.3 billion. The proposal also includes a $7.2 billion payment to the pension system; $4.3 billion in property tax relief to New Jerseyans under its Direct Property Tax Relief program and $2.4 billion for the continuation of the Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) program; tax increases for the highest tier of realty transfer fees, sports betting, alcohol, adult-use marijuana and cigarettes, along with a new exemption for small business investment; $12.1 billion for K-12 schools; $1.23 billion for critical investments in state and local highway and bridge projects and $767 million for NJ Transit capital projects.

The Governor discussed many initiatives for building New Jersey’s future, including the creation of its Economic Council, which provides a regular forum for the business community and state government to work together; providing $20 million in additional funding to attract innovative businesses and talented workers to New Jersey through Strategic Innovation Centers, the state’s program to cement leadership in the industries of tomorrow; and the success of its Cannabis Regulatory Commission, which has overseen billions of dollars of legal cannabis sales, including more than $1 billion in 2024.

“We welcome CPAs to be included in conversations regarding the state’s economic well-being and how to improve the business landscape. Their work resonates across all industries, which makes them a valuable resource for lawmakers,” said Aiysha (AJ) Johnson, MA, IOM, CEO and executive director at the NJCPA.

 

 

Related events

June 3 - 6, 2025Atlantic City
Featured
April 4, 2025Roseland
April 16, 2025Live Webcast
April 16, 2025Live Webcast
April 21, 2025Live Webcast
April 22, 2025Clark
April 25, 2025Roseland
April 25, 2025Live Webcast
April 29, 2025Webcast Replay
May 1, 2025Webcast Replay
May 7, 2025Northfield
Atlantic/Cape May Chapter
Estate Planning
May 8, 2025Haddonfield
Southwest Jersey Chapter
Nonprofit Update
May 9, 2025Live Webcast
May 12 - 15, 2025Live Webcast
May 16, 2025E. Brunswick
May 16, 2025Red Bank & Live Webcast
May 16, 2025Webcast Replay
May 20, 2025E. Brunswick
Middlesex/Somerset Chapter
New Jersey Law and Ethics
May 21, 2025Live Webcast
June 18, 2025Live Webcast
June 25, 2025Live Webcast
July 14 - 17, 2025Live Webcast
July 23, 2025Live Webcast
July 25, 2025Live Webcast
August 5, 2025Live Webcast
August 12, 2025Live Webcast
August 13, 2025Live Webcast
August 18 - 20, 2025Atlantic City
August 21, 2025Live Webcast
August 22, 2025Live Webcast
August 25, 2025Live Webcast
August 25, 2025Live Webcast
August 26, 2025Live Webcast
September 2 - 5, 2025Live Webcast
September 10, 2025Live Webcast
September 15 - 18, 2025Live Webcast
September 17, 2025Live Webcast
September 17, 2025Live Webcast
September 25, 2025Live Webcast
October 9, 2025Live Webcast
October 14, 2025Live Webcast
October 15, 2025Live Webcast
October 20 - 23, 2025Live Webcast
October 20, 2025Live Webcast
October 22, 2025Live Webcast
October 24, 2025Roseland
October 27, 2025Live Webcast
October 27 - 30, 2025Live Webcast
October 29, 2025Live Webcast
November 3, 2025Live Webcast
November 4, 2025Live Webcast
November 5, 2025Live Webcast
November 6, 2025Live Webcast
November 6, 2025Live Webcast
November 10, 2025Live Webcast
November 12, 2025Live Webcast
November 12, 2025Live Webcast
November 13, 2025Live Webcast
November 17, 2025Live Webcast
November 17, 2025Live Webcast
November 19, 2025Live Webcast
November 19, 2025Live Webcast
November 21, 2025Live Webcast
November 24, 2025Live Webcast
November 24, 2025Live Webcast
November 25, 2025Live Webcast
December 3, 2025Live Webcast
December 4, 2025Live Webcast
December 8, 2025Live Webcast
December 10, 2025Live Webcast
December 11, 2025Live Webcast
December 17, 2025Live Webcast
December 17, 2025Live Webcast
December 22, 2025Live Webcast
December 23, 2025Live Webcast
January 5 - 8, 2026Live Webcast
January 6, 2026Live Webcast
January 21, 2026Live Webcast
January 22, 2026Live Webcast
February 4, 2026Live Webcast
March 8, 2026Live Webcast