Heading into one of the biggest political showdowns of the year, Gov. Phil Murphy unveiled his $38.6 billion budget on Tuesday for the 2020 fiscal year, which begins July 1.
Last year, Murphy and lawmakers narrowly avoided a shutdown when they struck a deal at the 11th hour for a $37.4 billion spending plan.
But Murphy and the state’s top Democrats, including Senate President Stephen Sweeney, D-3rd District, walked away bruised – with Sweeney seen as having come out on top.
The governor failed to achieve his proposed “millionaire’s tax” on earners above $1 million – and instead he got a “mega-millionaire’s tax” of 10.75 percent on earners above $5 million.