Will Phil Murphy Raise Taxes On More Than Just Millionaires? “The Answer Is Yes”
During the Democratic Primary Debate, Phil Murphy admitted he would raise taxes on more than just millionaires to fund "multi hundred million-dollar investments."
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.