Analyzing New Jersey’s New Budget

October 6, 2020

We’re not going to mince words: New Jersey’s FY21 budget is a disaster. The $37.2 billion budget covering Oct. 1, 2020, to June 30, 2021, includes significant spending increases over last year, $700 million in tax hikes — including an expansion of the millionaires tax and an extension of the CBT surtax — and $4.5 billion in borrowing. Listen as Chris Emigholz, vice president of government affairs at the New Jersey Business and Industry Association, breaks it all down and clears up confusion around some of the numbers.