It looks like Gov. Phil Murphy’s proposal for a millionaire’s tax is dead on arrival.
Assembly Speaker Craig Coughlin issued a statement immediately following Murphy’s budget address that he won’t any income or sales tax increases.
“I remain convinced that we can achieve added substantial savings through reforms and that our fiscal solutions should not include any broad-based tax increase, including sales and income tax,” Coughlin said.
The speaker said he will work with his caucus, Budget committee chair Eliana Pintor Marin (D-Newark), Senate President Steve Sweeney and Murphy “to deliver a responsible budget that makes New Jersey a more affordable place to live.”