Gov. Murphy’s income jumped by $4M in 2021, according to tax returns

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Gov. Murphy’s income jumped by $4M in 2021, according to tax returns
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Gov. Phil Murphy released partial tax returns and a tax summary Thursday.

The 65-year-old retired Wall Street executive and his wife, First Lady Tammy Murphy — who file their returns jointly — reported an income of $4.97 million in 2021, Murphy’s fourth year as governor, thanks to a surge in their stock portfolio.

The Murphys also paid $1.79 million in state and federal income taxes on a tax rate of 36% last year .Murphy on Thursday released only his 1040 tax form and a summary of his tax returns from 2015 to 2021. He will give reporters a four-hour window in Trenton on Friday to view his full 2021 tax returns. He will not make the full returns available to the general public.

The couple’s income has fallen about 27% since the governor was elected. They made under $3 million in each of Murphy’s first three years in office: $2.2 million in 2018, $2.7 million in 2019, and $982,600 in 2020 before leaping to $4.97 million in 2021.

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