{"id":2285841,"date":"2024-06-29T13:27:01","date_gmt":"2024-06-29T17:27:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/record-setting-new-jersey-budget-raises-taxes-on-corporations-to-help-transit-system-washington-examiner\/"},"modified":"2024-06-29T13:29:03","modified_gmt":"2024-06-29T17:29:03","slug":"record-setting-new-jersey-budget-raises-taxes-on-corporations-to-help-transit-system-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/record-setting-new-jersey-budget-raises-taxes-on-corporations-to-help-transit-system-washington-examiner\/","title":{"rendered":"Record-setting New Jersey budget raises taxes on corporations to help transit system &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Frecord-setting-new-jersey-budget-raises-taxes-on-corporations-to-help-transit-system-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2285841&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Governor Phil Murphy of New Jersey signed into law the state&#8217;s largest\u2064 budget yet, totaling $56.6 billion. This budget \u200cincludes a tax increase on the richest corporations, raising\u200c their tax rate from 9% to 11.5% for those with annual revenues exceeding $10 million. The additional revenue generated from this tax hike is earmarked specifically for \u200bthe NJ Transit system, \u2063which \u2062is currently <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/european-firms-on-verge-of-bankruptcy-as-energy-crisis-deepens\/\" title=\"European Firms on Verge of Bankruptcy as Energy Crisis Deepens\">facing significant financial challenges<\/a>.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<div data-td-block-uid=\"tdi_79\">\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/tag\/new-jersey\/\" target=\"_blank\" rel=\"noopener\" title>New Jersey<\/a> Gov. <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/phil-murphy\/\" target=\"_blank\" rel=\"noopener\" title>Phil Murphy<\/a> (D) signed into law the state&rsquo;s largest budget package, at $56.6 billion, boosting the tax rates for the richest <a href=\"https:\/\/www.washingtonexaminer.com\/section\/news\/business\/\" target=\"_blank\" rel=\"noopener\" title>corporations<\/a>. <\/p>\n<p>The budget will increase the tax rate from 9% to 11.5% on corporations making more than $10 million a year in revenue. Called the corporate transit fee, this money will go toward the NJ Transit system, which is staring down the barrel of their own budget difficulties. The system operates the trains and busses in the state. <\/p>\n<p>&ldquo;With this budget, we are going to make life more affordable for more families. We are going to create new economic opportunities for our workers and local businesses. And we are going to invest in the potential of every one of our neighbors,&rdquo; Murphy said in a statement. <\/p>\n<p>&ldquo;The fee will make our <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gop-push-infrastructure-plan-dems-divided-in-response\/\" title=\"GOP push infrastructure plan, Dems divided in response\">public transit system<\/a> more reliable, more dependable, and more accessible for working New Jerseyans,&rdquo; Murphy said.<\/p>\n<p>Originally, the legislature was considering a state sales tax hike &mdash; from 6.625% to 7% &mdash; but later disregarded that move in favor of the transit fee. NJ Transit recently <a href=\"https:\/\/www.northjersey.com\/story\/news\/transportation\/2024\/04\/18\/nj-transit-fares-nj-turnpike-toll-hikes-questioned-trenton\/73361823007\/\" target=\"_blank\" rel=\"noopener\" title>upped fares<\/a> 15%, which lawmakers criticized since budget negotiations discussing this corporate transit fee were still ongoing.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/?d\" target=\"_blank\" rel=\"noopener\" title>CLICK TO READ MORE FROM THE WASHINGTON EXAMINER <\/a><\/strong><\/p>\n<p>Also included in this budget is billions for K-12 education, about $2.5 billion in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/rep-crenshaw-headlines-n-h-gop-fundraiser-denies-rumors-about-run-for-white-house-2024\/\" title=\"Rep. Crenshaw headlines N.H. GOP fundraiser, denies rumors about run for White House 2024\">property tax relief<\/a>, and a 67% pay raise for lawmakers, which will go into effect in 2026. <a href=\"https:\/\/newjerseymonitor.com\/2024\/01\/08\/lawmaker-pay-hikes-should-include-ban-on-outside-work-critics-say\/\" target=\"_blank\" rel=\"noopener\" title>Current<\/a> pay is $49,000, and this bill would raise that to $89,000. <\/p>\n<p>This budget is not the first time Murphy has raised taxes since taking office in 2018. In a previous budget, he raised taxes on those making over $1 million. This is also not the first time during Murphy&rsquo;s tenure that the budget has broken records &mdash; every budget in recent years has been the highest ever. This one is about 4% higher than the current budget.<\/p>\n<\/p><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New Jersey Governor Phil Murphy signed a record $56.6 billion budget, increasing tax rates for corporations earning over $10 million annually from 9% to 11.5%. Named the corporate transit fee, this initiative targets the state&#8217;s wealthiest businesses<\/p>\n","protected":false},"author":2970,"featured_media":2285842,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/06\/AP24171592362499.webp","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[4463,6372,33096,10964,33311],"class_list":["post-2285841","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-budget","tag-corporations","tag-new-jersey","tag-taxes","tag-transit-system"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/06\/AP24171592362499.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2285841","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2970"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2285841"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2285841\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2285842"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2285841"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2285841"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2285841"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}