Gov. Phil Murphy’s Tax Return Publicly Released
Saturday, November 16, 2024
Gov. Phil Murphy’s tax return filed jointly with First Lady Tammy Murphy, has been publicly released and shows the wealthy couple more than doubled their income last year over 2022. Read More: Governor Murphy's joint tax return: $1.4M income last year.
The Murphys’ adjusted gross income was $1.4 million in 2023, compared with $684,000 the year before and $5.2 million in 2021.
Their 2023 income was broken down as $885,920 in capital gains, $486,844 in dividends and $113,364 in taxable interest in 2023, as seen on the tax return and first reported by NJ.com.
The wealthy couple was at a 42% tax rate for last year, compared with a nearly 50% rate in 2022 and a 36% rate in 2021.
Their occupations were listed as governor and homemaker, respectively.
Two of the Murphy's four children — Charles and Sam — were still listed as dependents.
Under IRS guidelines, to be a dependent the child must be either younger than 19 or be a "student" younger than 24 years old as of the end of the calendar year.
Read More: Governor Murphy's joint tax return: $1.4M income last year .