HACKENSACK, NJ -- Governor Phil Murphy continued pitching his plan to increase taxes on the state's millionaires to fund property tax relief yesterday at a media event held at Hackensack City Hall. Flanked by local officials including Mayor John Labrosse, Deputy Mayor David Sims, Councilman Leo Battaglia and Rev. Dr. Gregory Jackson, Senior Pastor of Mount Olive Baptist Church, the Governor unveiled details of his proposal to deliver $250 million in property tax relief directly to more than two million New Jersey tax filers -- but only if the state legislature agrees to his millionaire's tax proposal.
“The math is pretty simple, as is the logic,” said Governor Murphy. “This is about tax fairness. It’s about answering a simple question: ‘Whose side are you on?’ We stand with New Jersey’s hard-working middle-class, and those striving to join them. The budget we proposed is built on principles of strong fiscal stewardship and investing in core needs and middle-class property tax relief. The millionaire’s tax is how we ensure these principles for the long-term.”
Governor Murphy's plan would create a new $125 credit for all property taxpayers who earn at least $10,000 per year, and no more than $250,000 per year. This would include over two million state residents, according to figures released by the Governor's office.
Mayor Labrosse enthusiastically supported Governor Murphy's plans, as did neighboring Mayors Mohammed Hameeduddin of Teaneck and Mark Sokolich of Fort Lee, who also spoke at the event.
"Here in Hackensack the City Council and I have worked hard to provide much-needed relief to our taxpayers, and I'm excited to support Governor Murphy's plan to bring tax fairness to our state to fund additional property tax relief," said Mayor Labrosse. "The middle class needs a break and I was glad to welcome the Governor to Hackensack today to talk about his plan to make that happen."
Both Senate President Steve Sweeney (D-West Deptford) and Assembly Speaker Craig Coughlin (D-Woodbrige) oppose the measure.