TRENTON, N.J. (AP) - New Jersey's treasurer says more than $800 million in the current fiscal year won't carry into the approaching new budget, bolstering Gov. Phil Murphy's push for higher tax rates on the wealthy.
Treasurer Elizabeth Muoio told the Assembly Budget Committee on Monday that in fiscal year 2019, about $812 million -- or 2% -- of the overall budget are one-time revenues. She says that stems from a one-time tax amnesty as well as other tax revenues collected as a result of the 2017 federal tax changes.
Murphy, a Democrat, is calling for raising income taxes on people making more than $1 million from 8.97% to 10.75%.
New Jersey's fiscal year ends June 30. Lawmakers are beginning to weight the $38.8 billion budget Murphy unveiled last month.