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New Jersey Democratic Governor Phil Murphy signed the state’s largest budget package, worth $56.6 billion, raising tax rates on the richest corporations.

The budget calls for a tax increase from 9% to 11.5% for businesses with annual revenues of over $10 million. This money, called the Corporate Transit Fee, is intended to benefit the NJ Transit System, which is struggling with its own budget problems. The system operates the state’s trains and buses.

“With this budget, we will make life more affordable for more families. We will create new economic opportunities for our workers and local businesses. And we will invest in the potential of each and every one of our neighbors,” Murphy said in a statement.

“The fee will make our public transportation system more reliable, dependable and accessible to working New Jerseyans,” Murphy said.

Lawmakers originally considered increasing the state sales tax from 6.625% to 7%, but later scrapped that move in favor of a transit fee. NJ Transit recently raised fares by 15%, which lawmakers criticized because budget negotiations over that transit fee on businesses were still ongoing.

CLICK TO READ MORE FROM THE WASHINGTON EXAMINER

This budget also includes billions for elementary and secondary education, about $2.5 billion in property tax relief, and a 67 percent pay raise for lawmakers that will take effect in 2026. The current pay is $49,000 and would increase to $89,000 under this bill.

This budget is not the first time Murphy has raised taxes since taking office in 2018. In a previous budget, he raised taxes on those earning over $1 million. This is also not the first time during Murphy’s tenure that the budget has broken records – every budget in recent years has been the highest ever. This one is about 4% higher than the current budget.

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