Budget Address

NJ Captitol building where money is spent

This past Tuesday Governor Murphy gave his Budget Address to the New Jersey Legislature. It contains more tax proposals while saying that Murphy has saved us money.

Hear is an excerpt from his speech,

That is why this budget is rooted in over $1.1 billion in real and sustainable savings — including nearly $800 million in public employee health benefit cost savings and another $200 million-plus in departmental savings.

You heard that number right — over $1.1 billion in real and sustainable savings.

Much of these significant savings were achieved through cooperation with our public employees rather than through confrontation. These savings were achieved through the power of working together.

These savings will allow us to take the steps we need to move New Jersey forward. Growing up in our family, the only way we could spend money is if we saved money. I know a lot of New Jerseyans understand that.

But at the same time Murphy is calling for a Millionaire’s Tax which he “estimating it would bring in $447 million next year from 18,066 full-time New Jersey residents and 19,057 nonresidents.” Something that Senate President told “I’m not gonna change my position. There have to be structural reforms before you can talk about taxes.

Murphy also wants to adopt something akin to the federal employer mandate that penalized companies that don’t offer their employees a health insurance plan that meets some minimum standards.

 

Per NJ.com, Murphy is further proposing “a $150-a-head fee firms would have to pay annually if they don’t provide health insurance and therefore at least 50 of their employees are enrolled in Medicaid.” This is another tax if you did not realize it.

Our Governor needs to do more with lowering our property taxes and stop looking for more tax revenue. The people of New Jersey is being bleed dry financially and we need less, not more taxes!

That is my opinion- Jumpin Jersey Mike

(Visited 4 times, 1 visits today)

Leave a Reply

Your email address will not be published. Required fields are marked *