N.J.'s Revenue Surprise Widens Divide Over Millionaire's Tax

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N.J.'s Revenue Surprise Widens Divide Over Millionaire's TaxMurphy, a retired Goldman Sachs Group Inc. senior director, says he’ll use some of the cash to replenish a rainy-day account that’s stood empty for more than a decade, a factor that contributed to a string of downgrades under Chris Christie, his Republican predecessor. In a phone interview on Tuesday, though, State Senate President Steve Sweeney said Murphy was making a misguided choice “in order for Wall Street to look at us and say we’re healthy.” The state has more urgent funding needs, he said. “A rainy day fund is when you have everything funded and everything’s fine -- but it’s not in New Jersey,” Sweeney told reporters Wednesday in Trenton.

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