NJ Budget Deal Reached

 Excerpts
TRENTON, N.J. (AP) — New Jersey Gov. Phil Murphy and Democratic legislative leaders reached a deal Saturday night on a $37.4 billion budget that hikes taxes on the wealthy and some businesses and averts the state's second consecutive government shutdown.

The deal finances spending increases by raising the income tax on people making $5 million and above from 8.97 percent to 10.75 percent. It also raises the business tax on companies making more than $1 million by an average of 2 percent over four years. The increase expires after four years.

There will be no broad sales tax increase as part of the deal, though that tax will be levied on e-cigarettes and lodgings like Airbnb. But the agreement doesn't include a tax hike on rental properties at the shore or real estate transactions, proposals that were considered earlier this week.

Entire article at
https://www.pressofatlanticcity.com/news/breaking/new-jersey-democrats-reach-budget-deal-avoid-shutdown/article_6f5da343-e442-51f0-914d-cdbb8b3fe4de.html