Gov. Phil Murphy has approved the largest budget in New Jersey's history.
-- Touting Democrats' stewardship of the state and warning of a potential downturn in the economy in the coming years, New Jersey Democratic signed a record $50.6 billion budget that pours $2 billion into property tax relief, sets a record surplus and lifts overall spending 9% over last year.
"The priorities of this budget are the priorities of our families — and at the top of that list right now is affordability," Murphy said. Acknowledging the economic headwinds facing the public, as well as his political party, Murphy cast New Jersey as a model to follow. The flush state coffers came as a result of higher-than-expected tax collections. Murphy and Democrats raised income tax rates on those making more than $1 million in his first term.
Those making up to $150,000 will get $450 in assistance. The program has a $2 billion price tag and will help an estimated 2 million households. There's a sales tax holiday on school supplies that goes into effect in late August and early September.
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