TRENTON, N.J. — New Jersey Gov. Phil Murphy paid about $445,000 in federal and state taxes in 2020 on about $983,000 in income.
That’s according to a summary of his tax returns released Monday by his office.
Murphy’s income was 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.
Murphy earns a salary of $175,000 annually as governor but has also filed investment income, whose gains are not taxed until they’re sold.