NEW YORK (1010 WINS) -- New Jersey Governor Phil Murphy's proposed budget for the fiscal year 2021 includes an increase in spending for education and transit – and a tax hike.
Murphy's proposed "millionaire's tax" would bump up marginal income tax rates for the most wealthy.
The proposed $41 billion budget includes another $419 million for education between pre-K and 12th grade, and $132 million for New Jersey Transit.
Other elements in the plan include growing the states surplus to $1.6 billion and adding $300 million to a Rainy Day Fund, as well as increasing the cost of a handgun permit and setting aside money to replace lead pipes.
Murphy's proposed budget will now move to the Legislature, who must approve a budget by June 30.