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Murphy proposes budget deal including tax hike on business

Published  June 27, 2018 7:06am EDT
U.S.
FOX 29 Philadelphia

TRENTON, N.J. (AP) - New Jersey Gov. Phil Murphy is proposing an unspecified increase in the business tax, along with a "modest" hike in income taxes on people making more than $1 million and a two-year phased in hike to the sales tax.

Murphy laid out the proposal in a letter to the Democrat-led Legislature on Tuesday, just days ahead of a Saturday budget deadline.

The letter was sent just after a meeting Murphy hosted in Trenton with legislative leaders was ending.

Lawmakers departing the meeting declined to comment on what happened in their discussions.

Murphy has said he cannot sign a $36.5 billion budget legislators sent him last week because it doesn't have enough revenue.

Lawmakers passed a hike in the business tax, but Murphy instead has sought income and sales tax increases.