But progressive groups say he shouldn't let a corporate tax surcharge expire, or raid the state's Clean Energy Fund.
Make your contribution now and help Gothamist thrive in 2023.New Jersey Gov. Phil Murphy is proposing new assistance for New Jersey residents who need help buying their first home, residents burdened by medical bills and for students facing mental health problems.
“By giving a massive tax cut to the most profitable corporations in the world, there’s no promise that the state will be able to fund these public needs in the future,” said Nicole Rodriguez, the group's president. “Buried in the governor’s budget proposal is a new estimate for how much this corporate tax cut will cost the state, coming in at a whopping $1 billion next year.”
At the recommendation of his Wealth Disparity Task Force, which looked at closing the state's racial wealth gap, Murphy aims to expand the state’s existing Down Payment Assistance Program with another $15 million for first-time homebuyers. The address drew criticism from environmentalists, who say he is not spending enough on climate change.
Murphy acknowledged that the residents of New Jersey are getting squeezed by high inflation and the highest tax burden in the country, and promised more help. “Pre-K isn’t just a smart investment in early childhood education — an investment proven to pay dividends throughout that child’s life. It’s also an investment in working families,” Murphy said.
Murphy has also added to the state’s surplus and says he will continue that in the next fiscal year — putting it at $10 billion, or about a fifth of the overall budget.
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