Murphy Envisions N.J. Trade Tax for Social Justice Agenda (1)

New Jersey Governor Phil Murphy favors using revenue from a proposed tax on electronic Wall Street trading to expand his social-justice agenda and shore up the state’s fiscal health, according to senior administration officials.

Any proceeds from levies on hundreds of millions of trades processed at data farms inside the state wouldn’t be scored for the fiscal year that starts Oct. 1. But the bonanza from the first-of-its-kind state tax could ultimately become a long-term annual source of revenue for New Jersey.

And it would boost progressive appeal for Murphy, 63, a Democrat and retired Goldman Sachs Group Inc. ...