New Jersey Governor Phil Murphy said his proposed millionaire’s tax won’t be part of the budget for fiscal 2020.
Murphy said he will meet the state’s constitutional deadline to pass a budget by July 1.
“Between now and Monday there will not be” a millionaire’s tax enacted, Murphy said. He said, though, that he’ll continue to press for "tax fairness” in the next fiscal year.
“If anything, our megaphone will get louder,” he said.
The governor told reporters he will not shut down the government over his disagreements with fellow Democrats in the legislature over the spending plan.
“Closing state beaches and parks only punishes the innocent,” Murphy said to reporters on Thursday in Secaucus.
Details of the budget he will sign are still to be determined, the governor said.
The spending plan Murphy had initially proposed included a tax on millionaires. The budget sent to him by the legislature omitted that levy.
This article was provided by Bloomberg News.