Governor, Tammy Murphy Report Lowest Income Since He Took Office In 2018

By Nikita Biryukov | New Jersey Monitor

Gov. Phil Murphy and First Lady Tammy Murphy earned less and paid more in income taxes in 2022 than they have in any year since taking office in 2018, according to documents the couple released Thursday.

New Jersey’s first couple reported a gross income of $684,576 last year — just 13% of the nearly $5.2 million they reported in 2021. They paid $341,275 in state and federal income taxes last year, for an effective tax rate of 49.9%.

The reduction in the first couple’s income is due almost entirely to a stark drop in their capital gains income in 2022.

They took a $3,000 deduction for capital losses — the maximum allowable, spokespeople said — last year, a year after a booming stock market brought the Murphys nearly $4.3 million in capital gains.

The decline isn’t surprising. 2021 was a banner year for the stock market. The S&P 500 grew at rates approaching and sometimes exceeding 30% for much of the year as residents turned to online investment amid virus restrictions.

But 2022 was less rosy: The index declined for 12 consecutive months beginning that May.

The Murphys reported $158,167 in wage income, slightly less than the $175,000 annual salary afforded to a New Jersey governor. The couple earned $116,589 in taxable income from interest and $456,614 from dividends.

2022 is just the second year since 2018 that the Murphys, both of whom previously worked at Goldman Sachs, have reported earning less than $1 million. They reported earning $982,636 in 2020.

They’ve earned more than $12.2 million and paid a little under $3.2 million in taxes since 2018.

Their charitable giving declined somewhat in 2022, to $500,150 from the $682,050 they gave directly or through the Philip and Tammy Murphy Family Foundation.