With early voting underway in the New Jersey governor's race, Democrat Mikie Sherrill is discussing her vision for NJ Transit and improved public transportation in the Garden State. 

The four-term congresswoman appeared Sunday on "The Point with Marcia Kramer" as she squares off with Republican Jack Ciattarelli to succeed term-limited Gov. Phil Murphy. 

Taxation at "its breaking point"

Sherrill, who is locked into one of the country's most closely-watched elections, said fare hikes and new taxes can no longer pay for infrastructure improvements, but New Jersey still needs to come up with ways to fund projects and better service. 

"New Jersey, I think, has really strained the taxation system to its breaking point. We have the highest corporate taxes in the nation right now. Simply looking to fare hikes and taxes is just not an option," Sherrill said. 

NJ Transit is funded through the state's general fund, which is the state budget. Whereas, across the Hudson River, New York's Metropolitan Transportation Authority funds improvements by collecting a set portion of the state's sales, mortgage recording, stock transfer and gas taxes, to name a few.

More ads on buses and trains

Sherril said NJ Transit does need its own dedicated source of funding, but cannot copy the MTA's model. So where would the money come from without raising taxes and fares?

One of her ideas involves developing property the state already owns. 

"Many places from around the world, that run some of the best transit systems worldwide do it through things like transit-oriented development, developing properties they have, putting parking lots on them, other leasable facilities," she said. 

Sherrill also proposed selling advertisements on the sides of buses and trains, and upgrading them with television screens, like taxis. 

"I hate to say this, but often as your taking a train, you find yourself in traffic, which is something else that I want to address, but in the meantime, you're a captive audience," she said. "As you're sitting there, there's the bus, there's the advertising. It's actually, I think, a great way to advertise in this area." 

In another interview with CBS News New York, Sherrill discussed more of her plans to address the state's high property taxes, utility bills, education and President Trump's threat to terminate the Gateway Tunnel Project. 

Click here to watch Sunday's full interview on "The Point." 

Ciattarelli recently offered his takes on the issues during an interview as well.