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What’s In the Budget and How Will it Affect You?

Who wins? Who loses? Who pays more? Who gets a break? Who takes a hit? Where in the budgetary details is the devil?

The new $37.4 billion budget that Gov. Phil Murphy just agreed with Democratic leaders in the Legislature has a cash infusion for NJ Transit, more money for public schools, and some property-tax relief. The budget, hard-won after lots of wrangling, also contains a new 10.75 percent tax on the 1,760 people in New Jersey that earn more than $5 million. And it raises the corporate business tax on businesses making more than $1 million.

Brenda Flanagan of NJTV News examines these and other elements of the state’s new spending blueprint. John Reitmeyer, NJ Spotlight’s budget and public finance writer, joins her to tease out the details. He notes, “The final version specifically targets wealthy people and wealthy corporations with the big tax increases.”

Read the full story on NJTV News Online, a content partner of NJ Spotlight.

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