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Higher Taxes Needed to Avoid Deficit, New Jersey Treasurer Says

New Jersey Gov. Phil Murphy's administration says raising taxes by nearly $1.6 billion is necessary to avoid a deficit in the coming fiscal year.

Acting Treasurer Elizabeth Muoio told the Democrat-led Senate Budget Committee Tuesday that a failure to raise revenues is "not only unsustainable, it's unacceptable."

Murphy, a Democrat, has called for raising taxes including the income tax on millionaires and the sales tax to 7 percent from 6.625 percent.

Senate President Steve Sweeney has said he would raise taxes as a "last resort."

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Muoio's comments come alongside legislative budget forecasters' testimony on revenues.

The administration and Office of Legislative Services predict a combined $180 million difference in revenues over the current and next fiscal years. That's a fraction of the $37.4 billion budget.

Copyright AP - Associated Press
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