TRENTON, N.J. – As Gov. Phil Murphy prepares to roll out his plan to hike income taxes when he presents his 2020 budget to the state Legislature Tuesday, Assemblyman Hal Wirths, a former labor commissioner and small business owner, breaks down the taxes Democrats have raised.
“Governor Murphy’s first budget was over a billion and a half of new taxes for the residents of New Jersey, which are already the most overtaxed residents in the nation,” said Wirths (R-Sussex). “I just feel so sorry for the folks in New Jersey that just want to go to work, make a living, pay their bills, and feed their family. The continuous taxes coming out of this place are just really discouraging.”
WATCH: Wirths delivers play-by-play on N.J. taxes
Murphy is expected to reintroduce his plan from last year to raise income taxes from the current 8.97 percent to 10.75 percent on those earning $1 million or more – a new $447 million tax hike to fund his fiscal year 2020 budget plan. Despite last year’s income tax hike on people earning over $5 million, revenue is down six percent – $503.4 million less than last year.
“I don’t think that they have a reality of what is going on with the hard-working people of New Jersey and that is why they are fleeing our state,” concluded Wirths.