None of the leading Democratic and Republican candidates running to succeed him has unveiled his or her own prospective budget. The unappetizing reality of balancing the budget, which the state constitution requires, contrasts sharply with sometimes vague campaign slogans. Democratic front-runner Phil Murphy has said he opposed the estate tax cut but stopped short of calling for repeal and said he would apply the school-funding formula. Former Clinton administration treasury official Jim Johnson also would apply the school-funding formula, and says he would partially reinstate the estate tax. That means undoing the estate tax cut and likely enacting increased taxes on high-income earners, he said.

Source: Fox News March 04, 2017 21:27 UTC