Activists, union members raise concerns over Gov. Murphy’s $56 billion budget proposal

Activists, union members and others rallied to ask Gov. Phil Murphy to restore the Full Corporate Tax Surcharge that expired at the beginning of the year.

Tony Caputo

Mar 19, 2024, 4:17 PM

Updated 26 days ago

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Activists, union members and others rallied Tuesday at New Jersey Institute of Technology in Newark to ask Gov. Phil Murphy to restore the Full Corporate Tax Surcharge that expired at the beginning of the year.
The rally was held during the first of two public hearings for Murphy’s proposed $56 billion budget.
New Jersey Policy Perspective says the reduction of the Full Corporate Tax Surcharge from 11.5% to 9% will negatively affect many New Jerseyans.
“We’re going to be losing about $1 billion in revenue,” said Nicole Rodriguez, of New Jersey Policy Perspective. "For the state budget, we’re already seeing with the governor’s proposed budget are a bunch of cuts to important programs and services."
Protestors say wealthy corporations must continue to pay their fair share and this tax break does just the opposite. They also say they are hoping to get this changed in Murphy’s proposed budget before July 1 when it must be approved for the fiscal year.
The second public hearing on the budget will be virtual and is scheduled for March 26 at 10 a.m.


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