Murphy Plans to Raise $1.3 Billion in Taxes

When New Jersey instituted a state income tax in 1976, the top rate was 2.5%. It has risen steadily over the years, each time politicians promising this would be the solution to the state's financial problems. Yet our spending, taxes, and debt burden have continued to increase. That is because no matter how much we take in in revenue, politicians always find a way to spend all of the increase and more. Now Phil Murphy is proposing we raise the top rate yet again, to 10.75%. He needs to answer a simple question: how will this time be different? See Article.