Murphy, a Democrat, also said he wants to increase the state's total contributions to public education by about 8 percent, or $1 billion, ramping up direct aid to schools by about $341 million and boosting the state's subsidy to New Jersey Transit by $242 million.
New Jersey Governor Phil Murphy announced Tuesday that the state will triple spending on New Jersey Transit and infrastructure.
Sen. Tom Kean (R-Westfield) said he believes that surplus will be between $800 million to $1.5 billion, and should be refunded to taxpayers in the form of property tax relief, or put towards funding the state's pensions.
Republicans say tax hike might encourage more residents and companies to move elsewhere.
Following through on a campaign promise, he proposed raising the tax on incomes over $1 million from the top bracket of 8.97 percent to 10.75 percent. When Murphy and other governors agreed last month to create a States for Gun Safety coalition, made up of six states and Puerto Rico, they said the states would designate colleges to create a research consortium that would conduct research the federal government has been banned from funding since 1996.
Murphy also spoke about the controversial millionaire's tax.
Murphy's proposes contributing $3.2 billion toward the state's pension system, which now receives funding from New Jersey Lottery revenues under legislation signed by Christie previous year.More news: Federer explains why Novak Djokovic's exit at Indian Wells is 'not surprising'
"We need to spend more resources in recovery and less on wasteful television ads", Armato said.
SALES TAX: Restore the sales tax to 7 percent from 6.625 percent.
In 2016, Democrats struck a deal with Christie to cut the sales tax in exchange for an increase in the state's tax on gasoline to fund an exhausted Transportation Trust Fund.
Murphy, a wealthy former Goldman Sachs executive who served as President Barack Obama's ambassador to Germany but had never held office before, said he wants to see a recreational cannabis program in place by January.
The increase in the sales tax would generate at least a half-billion dollars.
Sweeney has instead argued for raising taxes on corporations.
It's not a new tax as much as stricter enforcement of a tax on the books.