TRENTON — Gov. Phil Murphy paid about $445,000 in federal and state taxes in 2020 on about $983,000 in income, according to a summary of his tax returns released Monday by his office.
Murphy’s income is down more than 63% over 2019, when his gross income was about $2.7 million. His office declined to address why income had dipped so much.
While Murphy earns a salary of $175,000 annually as governor, he has also filed investment income, whose gains are not taxed until they’re sold.
While his gross income is down, the governor’s effective tax rate is up. He had an effective rate of about 45%, up from 37% in the previous year. It’s not clear from the summary what led to the change in effective rate, which was arrived at by dividing his total state and federal taxes by his gross income.
Murphy won reelection this year by a narrow margin, defeating Republican Jack Ciattarelli. Murphy has released topline figures from his tax returns and has permitted news reporters to review the actual documents, but has not posted all of them online for the public to review.
Murphy is a former executive at Goldman Sachs, where he was a top official in Germany and Hong Kong until he retired in 2003. He later served as Barack Obama’s ambassador to Germany and owns property there, as well as in Italy.