Earlier today, Governor Murphy signed a $38.7 billion budget for Fiscal Year 2020. The budget protects most of the legislature’s spending priorities and dedicates $401 million to the state’s reserve fund — the first deposit in over a decade. In response to the budget, and lack of a millionaires tax, NJPP releases the following statement:
BRANDON McKOY, PRESIDENT, NEW JERSEY POLICY PERSPECTIVE:
“The budget signed by Governor Murphy is about much more than dollars and cents, as it represents a commitment to New Jersey’s middle class families and the state’s long-term fiscal health. It also strikes an important balance between the governor’s original proposal and what was ultimately passed by the Legislature. Collectively, these efforts make huge investments in assets proven to grow the economy, like NJ Transit and good public schools, and provide the state with sustainable savings achieved through collective bargaining.
“Through an executive order, Governor Murphy also made the first deposit into the rainy day fund in over a decade, preparing New Jersey for the next recession and improving the state’s standing in the eyes of credit rating agencies. This is a nationally recognized budgeting best practice and a win for taxpayers of today and tomorrow.
“Governor Murphy signed a responsible budget that turns the page on the short-sighted gimmicks of the past, but more must be done to position the state for long-term prosperity. New Jersey takes in less revenue than it did before the Great Recession, a direct result of almost a decade of tax cuts that primarily benefited the wealthiest individuals and corporations. The restoration of a millionaires tax remains necessary for the state to reliably meet its obligations and continue investing in areas that enable everyday New Jerseyans to thrive.”
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