Published on Aug 25, 2020 in Tax and Budget

Earlier today, Governor Murphy delivered his revised Budget Address for Fiscal Year 2021. The $32.4 billion budget proposal covers nine months, beginning October 1, and closes New Jersey’s revenue shortfall with a combination of tax increases and borrowing from the federal government. In response to the budget address, New Jersey Policy Perspective (NJPP) releases the following statement. 

Brandon McKoy, President, New Jersey Policy Perspective (NJPP):

“In the face of an unprecedented health and economic crisis, Governor Murphy’s budget proposal thoughtfully protects key state programs and services that workers and their families rely on. These investments — in public education, tuition assistance, tax credits for working families, and much more — are the building blocks of strong communities, a strong economy, and a strong recovery from the COVID-19 pandemic.

“Unlike state budgets passed during the last economic downturn, this proposal recognizes that New Jersey must balance revenue shortfalls by ensuring wealthy individuals and big corporations pay closer to their fair share in taxes. Every dollar raised through new revenue is a dollar we don't have to cut or borrow. These revenue streams will set a strong foundation for a stable recovery, as they provide the state with resources to keep the economy afloat and deliver critical relief to families and small businesses in need.

“This budget falls short in one key area: it neglects immigrants who have been excluded from state and federal pandemic relief. Immigrants play a huge role in New Jersey’s diverse communities and local economies and deserve their share of state aid. We urge state lawmakers to do more to ensure that no one is left behind in the state’s recovery, regardless of where they were born. Only then can we be sure that our recovery will be strong and long-lasting for all.”

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