Gov. Phil Murphy’s second go at a millionaire’s tax hit its first roadblock less than half an hour after he publicly unveiled his 2020 budget: leaders of the Democratic-controlled state Legislature.

Senate President Stephen Sweeney and Assembly Speaker Craig Coughlin said the revenue raised by the tax could easily be found through additional savings.

Under the $38.6 billion budget Murphy proposed for the 2020 fiscal year, which starts July 1, the state would raise the income tax for earners above $1 million from 8.99 percent to 10.75 percent.

The proposal calls for taxing 18,066 such residents living in New Jersey and another 19,057 non-residents, or people who work in New Jersey but live out of state.

The budget’s proposed $1.1 billion in savings demonstrates that the half-billion dollars Murphy is seeking can and should be found through spending cuts, Sweeney, D-3rd District, and Coughlin, D-19th District, said at a press conference immediately after Murphy’s budget address.

“What the governor and the Communication Workers of America have demonstrated to us is that there are a lot of savings, a lot more savings to be had,” Sweeney said, referring to roughly $200 million in savings the upcoming budget proposes, as a result of a new contract with the CWA, which represents thousands of state workers.

Coughlin and Sweeney were joined by the chairs of both the Assembly and Senate budget committees along with the majority leaders from both chambers.

“I believe the governor’s proposal is an encouraging first step,” Coughlin said. “However, I remain convinced that we can achieve added substantial savings through reforms and that our fiscal solutions should not include any broad-based tax increase, including sales and income tax.”

When Murphy pushed for a millionaire’s tax last year, he instead settled for a “mega-millionaire’s tax” on earners above $5 million, following pushback from Sweeney. The tax affected 1,581 state residents and 5,085 non-residents, according to budget documents.

Sweeney, at the Tuesday press conference, doubled down on a series of fiscal policy reforms, unveiled last August, that he argued could reduce the state’s pension and health care obligations.

One proposal calls for switching public workers from a health care plan equivalent to a platinum level of coverage under the Affordable Care Act, to a gold level of coverage.

Another proposal, for public worker retirement plans, calls for a hybrid of a pension and a 401k-style proposal.