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FILE- In this Aug. 25, 2020 file photo, New Jersey Gov. Phil Murphy speaks during his 2021 budget address at SHI Stadium at Rutgers University in Piscataway, NJ. Murphy says he and fellow Democratic legislative leaders have agreed to raise income taxes on millionaires, Thursday, Sept. 17, while also giving about 800,000 families a $500 tax rebate.. (AP Photo/Noah K. Murray, File)

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FILE- In this Aug. 25, 2020 file photo, New Jersey Gov. Phil Murphy speaks during his 2021 budget address at SHI Stadium at Rutgers University in Piscataway, NJ. Murphy says he and fellow Democratic legislative leaders have agreed to raise income taxes on millionaires, Thursday, Sept. 17, while also giving about 800,000 families a $500 tax rebate. (AP Photo/Noah K. Murray, File)

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FILE - In this Aug. 25, 2020, file photo, New Jersey Gov. Phil Murphy speaks during his 2021 budget address at SHI Stadium at Rutgers University in Piscataway, N.J. On Tuesday, Sept. 8, 2020, Gov. Murphy announced that New Jersey residents are able to register to vote online. The state Division of Elections launched its first ever online registration on Friday, Sept. 4, 2020. (AP Photo/Noah K. Murray, File)

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FILE- In this Aug. 25, 2020 file photo, New Jersey Gov. Phil Murphy speaks during his 2021 budget address at SHI Stadium at Rutgers University in Piscataway, N.J. On Friday, Aug. 28 Murphy signed into law legislation to conduct the Nov. 3 presidential election nearly entirely by mail. (AP Photo/Noah K. Murray, File)

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People arrive to a local dinner for breakfast on Friday, Sept. 4, 2020, in Hoboken, N.J. Tape measures will join tapas as social distancing becomes essential to the ambiance at New Jersey restaurants preparing for the limited resumption Friday of indoor dining. Gov. Phil Murphy gave the go-ahead on Monday for indoor dining not to exceed 25% of capacity. (AP Photo/Eduardo Munoz Alvarez)

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FILE - In this July 1, 2020 file photo, diners enjoy eating their meals outside at a restaurant in Montclair, N.J. Indoor dining in New Jersey will resume Friday, Sept. 4 with limited capacity, Democratic Gov. Phil Murphy said Monday, Aug. 31. (AP Photo/Seth Wenig, FIle )

Indoor dining will resume this week with limited capacity

FILE- In this Aug. 25, 2020 file photo, New Jersey Gov. Phil Murphy speaks during his 2021 budget address at SHI Stadium at Rutgers University in Piscataway, N.J. On Friday, Aug. 28 Murphy signed into law legislation to conduct the Nov. 3 presidential election nearly entirely by mail. (AP Photo/Noah K. Murray, File)

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New Jersey Gov. Phil Murphy speaks during his 2021 budget address at SHI Stadium at Rutgers University.Tuesday, Aug. 25, 2020, in Piscataway,NJ. (AP Photo/Noah K. Murray)

Murphy seeks tax hikes, some cuts, more debt in $40B budget

Photos

Former President Barack Obama speaks during a canvasing event for New Jersey Democratic gubernatorial nominee Phil Murphy, Thursday, Oct. 19, 2017, in Newark, N.J. (AP Photo/Julio Cortez)

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Murphy has said he plans to seek re-election.

New Jersey lawmakers advance budget hiking taxes on wealthy →

Murphy, a Democrat, announced the deal alongside Assembly Speaker Craig Coughlin, Senate President Steve Sweeney and Lt. Gov. Sheila Oliver.

Murphy, lawmakers agree to tax rich, offer $500 rebates →

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