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New Jersey business leaders are not thrilled with Gov. Phil Murphy’s plan to increase taxes on income over $1 million a year, according to David Matthau, a correspondent with NJ1015 news radio.

He interviewed representatives from a number of business groups after the governor presented his $32.4 billion state spending plan yesterday, which also calls for permanently increasing the corporate business tax.

Michele Siekerka, the president and CEO of NJBIA, said now is a terrible time to be talking about raising taxes on any individuals or corporations.

“Our economy is in a free-fall and we are inviting New Jersey’s millionaires to exit the state quicker than they may have contemplated before,” she said, referring to the governor’s proposed tax increases.

“As the wealth continues to leave the state of New Jersey, and we have a governor who keeps increasing the spending costs in the state of New Jersey, it’s going to mean that all the rest of us are going to be picking up the bill,” said Siekerka.

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