Budget negotiations off to a ‘very good start,’ Sweeney says

Senate President Steve Sweeney said budget negotiations were in a much better place ahead of Gov. Phil Murphy’s budget address than they were last year.

“I think this is a very good start compared to last year, a very good start, and I want to congratulate Gov. Murphy for getting the changes to health benefits,” Sweeney said. “As long as these numbers hold up — and we’re confident they will — I think it’s a very good first step, but before we talk about taxes, we’ve got more to go.”

Murphy’s budget includes just under $897 million in projected savings related to employee benefits, with the bulk coming from savings on health benefits.

Still, despite the early optimism, it’s likely that the governor, Sweeney and Assembly Speaker Craig Coughlin are once again headed for a showdown over a millionaire’s tax.

Included in Murphy’s proposal for the upcoming year’s budget includes a new tax bracket for those making between $1 million and $5 million. The governor’s office estimates the measure will bring in $447 million dollars over the upcoming fiscal year.

Both Sweeney and Coughlin have said they would oppose any new taxes in this year’s budget, and while Sweeney reiterated his opposition to the new tax in Murphy’s proposal, his opposition was relatively muted.

“I don’t support it,” he said.