New Jersey Governor Phil Murphy and his wife Tammy Murphy reported earning $1.4 million in income in 2023, mostly due to a surge in the stock market that resulted in nearly $900,000 in capital gains. This marks a significant increase from 2022, when they earned $684,576 amid market losses. The couple paid $598,003 in state and federal taxes, resulting in an effective tax rate of 42.23%.
The Murphys gave $372,440 to charity in 2023, primarily through their family foundation. Before taking office, Governor Murphy worked as an investment banker with Goldman Sachs, while Tammy Murphy worked as an analyst for various investment firms.
Their income has fluctuated during Murphy’s time in office, with earnings of $2.2 million in 2018, $3.1 million in 2019, just under $1 million in 2020, and $5.2 million in 2021. The governor’s assets are managed in a blind trust by his brother-in-law since taking office.
While elected officials are not required to release their tax returns, Governor Murphy has voluntarily shared his 1040 and a five-year tax summary each year of his tenure. He also made his full tax return available for press review, which highlights the couple’s financial situation and charitable contributions.
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