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Davidson News

$55.9B Budget of Governor Phil Murphy – A Closer Look at the ‘Tammy’ Budget!

Tammy’s Senate Campaign Influence

Budget Priorities and Post-Primary Outlook

According to North Jersey, $55.9 billion presented the budget of Governor Phil Murphy for New Jersey in 2025 with notable ties to his wife Tammy’s U.S. Senate campaign focusing on national issues like climate change. This connection raised controversy with accusations of unfair advantages for Tammy denied by the governor. The budget of Governor Phil Murphy prioritized a $900 million school funding increase, pension restocking, and a $3.5 billion budget of Governor Phil Murphy’s property tax relief promise. Post-primary potential political drama may involve topics like a gasoline tax increase or pork distribution considering implications for Tammy’s campaign.

$55.9B Budget of Governor Phil Murphy – A Closer Look at the ‘Tammy’ Budget! (PHOTO: Grivoismedias)

READ ALSO: IRS Issues Guidance On State Payments: Some Taxpayers Exempt From Reporting In 2022

Innovative Funding for Transit Improvement

A significant budget of Governor Phil Murphy‘s proposal introduced a corporate transit fee suggesting a 2.5% charge on businesses making over $10 million annually to support NJ Transit. Despite suggestions for a broader corporate surcharge, Murphy chose this funding source, earning praise from transit advocates. The budget of Governor Phil Murphy also highlighted a StayNJ rebate plan for 2026 aiming to reduce property tax bills for senior homeowners by 50%. Challenges arise as the budget slightly misses the required surplus requiring potential law adjustments or negotiations to meet the 12% surplus target.

READ ALSO: Wisconsin New Tax Filing Systems: WisTax And IRS Free File Explained

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