TRENTON, N.J. — New Jersey Governor Phil Murphy defended his state’s tax policies during a tense exchange on CNBC, where he faced sharp criticism over the high tax burden and progressive economic policies in the Garden State. The discussion came during an interview where Murphy was pressed on several national and state-level issues by CNBC’s Joe Kernen.
During the conversation, Kernen challenged Murphy on several progressive stances, pressing the governor on policies such as ending private insurance, nationalizing energy, and raising corporate tax rates. Murphy sidestepped most of these specific questions but focused on defending New Jersey’s tax system, particularly the state’s “millionaire’s tax.”
“Joe, for a Jersey guy, you sound like you’re on the Trump campaign for crying out loud,” Murphy quipped, dismissing Kernen’s line of questioning as cherry-picking controversial topics. When asked repeatedly about what constitutes a “fair” tax rate, Murphy responded, “Fair means you pay what you should pay.”
Murphy highlighted that despite the state’s implementation of the millionaire’s tax, New Jersey now has “more millionaires today than we’ve ever had in our history,” suggesting that fears of wealthy residents leaving the state were overblown. He emphasized that while New Jersey is “not a low-cost state,” residents receive “an enormous amount back for what you pay.”
Murphy’s defense comes as New Jersey remains one of the highest-taxed states in the country, a frequent target of criticism among business leaders and residents alike. While pressed on specifics, Murphy declined to endorse a national policy of taxing unrealized gains, a proposal backed by some progressive politicians. “I’m not wild about unrealized gains, but I’m open-minded,” he said.
The exchange reflected broader national tensions over economic policy as the 2024 presidential race heats up. Murphy, who has been mentioned as a potential Democratic candidate in future elections, appeared focused on balancing his progressive platform with a defense of his state’s economic track record.
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