The Big Things to Watch for in Murphy’s Inaugural Budget

Gov. Phil Murphy is scheduled to present his first state budget this afternoon in a speech before a joint session of the Legislature in Trenton. Since being sworn in earlier this year, Murphy, a Democrat, has promised to take the state in a new direction after eight years under former Republican Gov. Chris Christie. The budget message will provide him with the first real opportunity to show what that will look like by fleshing out his own policy proposals — and by committing real dollars to his spending priorities.

Since gubernatorial budget addresses are typically long-winded and littered with lots of numbers and platitudes, here’s a list of the biggest issues to look out for as the fiscal year 2019 budget is officially unveiled today.

Taxes: Whereas Christie largely held the line throughout his eight years in office on major tax increases, Murphy has signaled his intention to increase taxes on millionaires to bring in more revenue for his top spending priorities. Under a proposal he discussed as a candidate last year, a new top-end income-tax rate of 10.75 percent on earnings over $1 million would be established to generate roughly $600 million in new revenue.

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