Phil Murphy’s Promises Would Cost New Jersey Over $75 Billion
Murphy’s Tax And Spend Agenda Would Increase Taxes On Families And Businesses, Make New Jersey More Expensive
Today, the Guadagno for Governor campaign released a detailed cost estimate for Phil Murphy’s known campaign promises and proposals. If fully enacted, Phil Murphy’s agenda would cost New Jersey taxpayers an additional $75 billion each year. Presently, New Jersey’s entire state budget is only $34.5 billion.
“Goldman Sachs millionaire Phil Murphy may be able to afford to pay higher taxes, but hardworking New Jersey families can’t,” said Kim Guadagno. “At a time when we should be lowering taxes so families and businesses can stay in New Jersey, Phil Murphy’s $75 billion in new spending proposals would make taxes skyrocket and send businesses and families fleeing for other states.”
Guadagno concluded, “Considering New Jersey is already in the worst financial condition of any state in the country, Phil Murphy is simply a choice New Jersey can’t afford.”
The cost of many programs Murphy has proposed like creating a state-run bank cannot be reliably estimated, meaning the total cost of his agenda is likely significantly higher than $75 billion.
A detailed cost estimate can be downloaded here.
Phil Murphy has proposed increasing taxes on all New Jerseyans. When asked if he would raise taxes to get the revenue necessary for his proposals during a televised primary election debate, Phil Murphy simply answered “yes.” Murphy has also confirmed he would increase sales, business, income and death taxes to pay for his proposals.
However, Moody’s Investors Service recently concluded that even with maintaining present spending levels, Murphy’s proposed tax increases won’t be able to fill the state’s current obligations.
- "New Jersey's budget gap is expected to grow so large that economic growth alone is unlikely to fill it — nor will a multitude of tax increases proposed by Democratic candidates running for governor this year, according to an analysis released Thursday by Moody's Investors Service.” (Bergen Record, 5/25/2017)
Other Murphy Proposals:
- "Providing student loan relief for STEM employees and incentivizing employer matches" (Murphy4NJ.com)
- Creating a new state retirement plan for businesses (Murphy4NJ.com)
- "repurposing foreclosed properties as affordable housing"(Murphy4NJ.com)
- "Increase state funding for research and development"(Murphy4NJ.com)
- "Provide affordable, high-speed internet for all New Jerseyans and configure public spaces to be digitally and universally accessible" (Murphy4NJ.com)