Murphy sticking by millionaire’s tax amid COVID-19 fiscal crisis

Gov. Phil Murphy is sticking by his call for a tax on the state’s millionaires as the state’s economy turns downward over the COVID-19 crisis.

“On the millionaire’s tax, I would just say this: What we’re going through screams out, to me at least, that reliable, recurring revenue is the most important revenue you can have,” Murphy said.

On Thursday, the state announced a week-over-week increase of almost 1,600% in the number of unemployment claims.

On the week ending March 21, 155,815 filed unemployment claims with the state. That’s more than three times more claims than the previous weekly high of 46,000 that were filed shortly after Superstorm Sandy ravaged the state.

Those claims come on top of revenues that are expected to lag far behind projections for the coming quarter.

Earlier this week, State Treasurer Elizabeth Muoio froze $920 million in spending for this year’s budget and said revenue projections for the coming fiscal year would need to be trimmed, adding that the budget Murphy introduced in February would need significant revisions.

He said he has not considered seeking a higher rate for the millionaire’s tax to combat the economic downturn.