After interest-only payments are made in 2021 and 2022, yearly payments are expected to be slightly more than $500 million for the 10 years that follow.
In the end, it took a worldwide pandemic – plus a plan for $500 checks to middle-class families in an election year – to get a millionaires tax back on the books in New Jersey.
Business groups are hammering Gov. Phil Murphy’s budget plan over its more than $1 billion in tax hikes, two-thirds affecting the wealthy and corporations.
The Legislature begins its review of Gov. Phil Murphy’s budget Tuesday, with the typical four-month marathon turned into a sprint concluding in three weeks.
They’re calling on Gov. Murphy to cut spending and institute real reforms to produce a balanced state spending plan that’s been severely impacted by the COVID pandemic.