Because the unemployment fund is drained, payroll taxes are due to jump significantly next July. A bill seeks to limit, though not block, the increase.
The state plans to borrow $4.5 billion to balance its budget and boost its surplus to $2.5 billion. Spending is higher than Gov. Phil Murphy had pitched.
Business groups are hammering Gov. Phil Murphy’s budget plan over its more than $1 billion in tax hikes, two-thirds affecting the wealthy and corporations.
The Legislature begins its review of Gov. Phil Murphy’s budget Tuesday, with the typical four-month marathon turned into a sprint concluding in three weeks.