Tax and Spending Increases Mark Murphy’s Final NJ Budget Plan

NJ SEED
Mar 5, 2025
1 min read

February 25, 2025 | njspotlightnews.org

Gov. Phil Murphy is proposing a state budget that calls for increased spending in several key areas, including K-12 public schools, mass transit, direct property-tax relief benefits and public-worker pension funds.

The overall $58 billion fiscal plan Murphy unveiled on Tuesday (2/25) also counts on the state collecting more money from a series of proposed tax and fee hikes the governor is asking lawmakers to approve ahead of legislative elections in the fall.

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NJ SEED: Another record budget, but only 2% above last year’s record budget. Once again relying on taking from the state’s reserve funds.

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