Brace yourself, Jersey. Higher taxes possible as tough state budget looms.

State of the State 2023

Gov. Phil Murphy speaks at the Statehouse in Trenton last year. Behind him are state Assembly Speaker Craig Coughlin (left) and state Senate President Nick Scutari.Michael Mancuso | NJ Advance Media for NJ.com

A fare increase on bus and train tickets isn’t the only hike on the table in New Jersey.

Gov. Phil Murphy and his fellow Democrats are also weighing whether to raise one or a combination of the state’s sales, corporate business, and gas taxes as they prepare for what’s expected to be a tough state budget, two sources familiar with the talks confirmed to NJ Advance Media.

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