Phil Murphy on Tax Reform

	Phil Murphy on Tax Reform

We outpace states that give huge tax breaks for the wealthy

We outpaced many of the so-called "business friendly" states--states that some claim we have to emulate. States like Georgia and Florida. Our clear record of success is greater than that of states that pay for huge tax breaks for the wealthiest and most powerful by taking away investments from public education and civic programs. We are proving we can live our values, improve lives, and compete with anyone, any time. Source: 2023 State of the State Address to the N.J. legislature , Jan 10, 2023

Greater tax fairness, cuts for middle, families, seniors

We inherited a state that worked for too few and which was at a crossroads. We chose to move the state in a new direction. We are moving New Jersey forward. Today, New Jersey is working again for the many, not the few. We have greater tax fairness. We've cut taxes for our middle-class and working families, and our seniors, fourteen times. And I commit to you now that the state budget I propose in a few weeks won't raise taxes. Source: 2022 State of the State Address to New Jersey legislature , Jan 11, 2022

State school funding is property tax relief

We invested $3 billion more in our public schools across our first four years than the prior administration did across its last four. This year we are investing $1.5 billion more in pre-K-through-12 education than in the year I took office. We are doing this not just because our kids deserve it but because our property taxpayers do, too. School funding is property tax relief.

Every single one of these dollars we as a state have invested is a dollar kept in the pockets of property taxpayers.

Source: 2022 State of the State Address to New Jersey legislature , Jan 11, 2022

Not giving up the fight for a millionaire's tax

I am going to fight for the middle-class values that built New Jersey in the first place. It's why I am not giving up the fight for a millionaire's tax, so we can ease the property tax burden on millions of middle-class families and seniors and do more to help our public schools. Overwhelming majorities of residents--of all political stripes--support this. We should, too. The millionaires and corporate CEOs made out just fine in the last recession--and they will again when the next one hits. Source: 2020 New Jersey State of the State address , Jan 14, 2020

Stronger & fairer funding instead of massive tax breaks

A stronger and fairer New Jersey funds its public schools and delivers on the promise of property tax relief; makes a four-year college more affordable and provides free access to community college; and creates new training programs to prepare our residents for jobs in an innovation-driven economy.

A stronger and fairer New Jersey creates tools for small businesses--and women, veteran, and minority-owned businesses--to thrive, instead of delivering massive tax breaks to a handful of select and connected big corporations that don't need them in the first place.

A stronger and fairer New Jersey ensures the wealthiest among us pay their fair share in taxes so working and middle-class families can keep more of their hard earned money.

Source: 2018 New Jersey Inauguration/State of the State speech , Jan 16, 2018

Wealthiest 1% pay far lower share of taxes

Rather than holding bankers accountable for wrecking the global economy, Governor Christie and the insiders in Trenton kept looking out for special interests while all the economic gains went to those at the top. In New Jersey, the wealthiest 1% continue to pay a far lower share of their income in state and local taxes than the lowest-income residents. Phil will put the interests of New Jersey's working and middle-class families ahead of Wall Street by:

Creating a public bank to invest in Main Street, so that NJ money is put to work for NJ, not for Wall Street;
Ensuring tax fairness by enacting a millionaire's tax and closing loopholes for wealthy individuals and large corporations; and
Holding bankers accountable by prosecuting financial fraud.

Source: 2017 N.J. gubernatorial campaign website, Murphy4NJ.com , Jun 6, 2017

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