N.J. Governor Murphy Turns to a Millionaire Tax as Debt Levels Rise

The transcript discusses New Jersey's $38.6 billion budget plan, which includes a proposed tax on millionaires to address pension and healthcare liabilities. Governor Phil Murphy's budget aims to avoid credit downgrades but faces challenges from Democratic leaders concerned about tax increases. The discussion covers the state's pension issues, investment opportunities in New Jersey bonds, and the impact of credit ratings and revenue shortfalls. The unique structure of New Jersey's debt and its economic position near New York are also highlighted.

What factors contribute to the attractiveness of New Jersey bonds for investors?

What are the potential effects of the SALT tax on New Jersey's bond market?

How does the structure of New Jersey's debt differ from that of other states like Illinois?