West Long Branch, NJ – Will Phil Murphy tax more than just millionaires?"The Answer Is Yes." – Phil MurphyDuring the Democratic Primary Debate, Phil Murphy admitted he would raise taxes on more than just millionaires to fund "multi hundred million-dollar investments." Here's the video and transcript:
Michael Aaron: Mr. Murphy, you’ve promised to fully fund the pension system, fully fund the school funding formula, expand pre-kindergarten, you’ve promised a more robust Homestead Rebate Program and a dedicated source of revenue for NJ Transit on top of the recent 23 cent hike in the gas tax. You said you would impose a millionaire’s tax. The last time it was done it was worth $500 to $600 million. You said you would legalize marijuana and tax it for an estimated $300 million. Are there other taxes you would raise to get the revenue necessary in order to keep your promises?
Phil Murphy: Yes... The answer is yes. We've got a fully detailed plan that ties down to the penny that as you suggest those are significant investments. These are multi hundred million-dollar investments each in their own right. Even if they're phased in over a series of years.
Throughout the campaign, Phil Murphy has embraced higher taxes. He has endorsed a higher income tax. A higher sales tax. He wants to reinstate the estate tax. He wants higher business taxes. His policies would cause property taxes to skyrocket. And last week, Phil Murphy even embraced a report by Governor Florio calling for more highway tolls and higher fees at the MVC.