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New Jersey Governor Phil Murphy presented his first budget on Tuesday, turning sharply from the previous administration with sweeping proposals to hike taxes and spending on new initiatives that Republicans warned could drive businesses out of the already high-tax state.

Murphy, a Democrat who took office in January, said that he wanted to raise taxes on millionaires, close loopholes for hedge funds and big businesses, legalize recreational marijuana and phase in free community college.

“It’s no secret that we face real challenges,” Murphy told lawmakers in a speech, as he presented the $37.4 billion budget. “But I am more confident than ever that we have what it takes to build a stronger, fairer New Jersey.”

Murphy said the state should restore the sales tax rate back up to 7 percent, where it was before Christie and the state’s Democrat-led legislature struck a 2016 deal to lower it in exchange for higher gasoline taxes.

Lawmakers must debate the budget and send legislation to the governor by June 30.