The New Jersey Senate Budget and Appropriations Committee meeting on May 14, 2019. The state will see $3.8 billion from the CBT, out of the total $38.115 billion of total revenues for 2019, according to figures Muoio presented on May 14. And the continuing disagreement over the millionaireвЂ™s tax is evidence that budget negotiations will remain strained, even with some extra cash in the stateвЂ™s coffers. But while the increased revenue is welcome in Trenton, itвЂ™s still not enough to cover every factionвЂ™s priorities. State Treasurer Elizabeth Maher Muoio, in May 14 testimony before SarloвЂ™s committee, said the extra revenue could go toward pensions and benefits, public education and New Jersey Transit. вЂњLawmakers must pursue reliable and sustainable sources of revenue, like the proposed millionaires tax, to make up for these lost funds and continue investing in assets proven to grow the economy.вЂќ вЂњThis yearвЂ™s budget relies on over $1 billion in one-shot revenue sources that are set to disappear,вЂќ Reynertson said in a statement. вЂњClearly, this additional revenue is more justification to not increase the Gross Income Tax rate on those making over $1 million, as proposed, as it will further hurt our competitiveness in the region,вЂќ she added.Д«ut Sheila Reynertson, a policy analyst at the progressive think tank New Jersey Policy Perspective, argued that the treasurer made the case that the state needs вЂњsustainableвЂќ revenue such as the millionaireвЂ™s tax. вЂњWhat is surprising, in light of this windfall, is the continued call for even more taxation as part of the FY 2020 budget proposal.вЂќ

вЂњThe state tax collections announced today are вЂ¦ not necessarily surprising considering the strength of the national economy, coupled with a Corporate Business Tax rate increase last year,вЂќ Siekerka said in a statement. Michele Siekerka, president and chief executive officer of the New Jersey Business and Industry Association, echoed those sentiments. вЂњWe couldnвЂ™t do it before for many reasons, now we donвЂ™t need to do it, because thereвЂ™s enough to cover everything the governor wanted to cover.вЂќ The reason a millionaireвЂ™s tax was in the original budget has been mitigated by the strong revenues,вЂќ said Tom Bracken, president of the New Jersey Chamber of Commerce. вЂњThe budget does not need a millionaireвЂ™s tax. We donвЂ™t need that any longer to balance the budget,вЂќ he said after the committee meeting.Д«usiness groups agreed that the millionaireвЂ™s tax would be at best redundant, given how much revenue the state is seeing - and it would more likely constitute an impediment to the stateвЂ™s competitiveness and economic success. вЂњThe pressure of balancing the budget, that pressure is off. Senate Budget Committee Chairman Paul Sarlo, D-36 thВ District, noted that the uptick in collections renders the millionaireвЂ™s tax superfluous. Phil Murphy has proposed a millionaireвЂ™s tax rate of 10.75 percent for every dollar earned above $1 million, which would generate roughly $448 million.Д«ut the strong revenue numbers may have weakened MurphyвЂ™s case. вЂ“ AARON HOUSTONДЄdministration officials cautioned against any sort of celebration, arguing that most of the CBT increase will come from one-time revenue sources that will dry up in July. New Jersey Treasurer Elizabeth Maher Muoio answers questions after giving her report to the NJ Senate Budget and Appropriations Committee meeting on May 14, 2019.

Mo money mo problems year