Phil Murphy — I’ll raise NJ taxes by $1.3 billion

TRENTON — His campaign says proposals made by the Democratic candidate for New Jersey governor would cost $1.3 billion price tag in new taxes.

Phil Murphy spokesman Derek Roseman on Friday said the campaign announced the figure to "debunk" Republican nominee Lt. Gov. Kim Guadagno's claims that Murphy wants $75 billion in new taxes.

Murphy's proposals include raising taxes on millionaires for $600 million and raising $300 million in tax revenue from the planned legalization of marijuana.

Murphy has said he would end a tax "loophole" that allows profits to be shifted to lower-tax states. Roseman says the proposal is estimated to bring in $290 million.

Another proposal calls for overhauling out-of-network costs carried by public workers, for about $100 million.

The news was first reported by the Observer.

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