Phil Murphy, the former Goldman Sachs executive running for governor of New Jersey, released his 2015 tax returns last week, showing he paid $2.4 million dollars in state and U.S. income taxes on $7.3 million dollars in income. Murphy also paid $202,000 in property taxes on his house in Middletown and thousands more on houses he owns in Italy and Berlin.
Reporters were allowed to spend two hours examining the returns Wednesday. Currently, Murphy’s income comes from investments.
Murphy, running for the Democratic nomination against Assemblyman John Wisniewski (D-Middlesex), has the backing of the heads of the party organizations in all 21 counties and of several major unions. His large donations — around $875,000 in the past two years — to Democrats have helped him win that support.
While Wisniewski says he is more in touch with the average New Jerseyan, Murphy describes his parents as living “paycheck to paycheck.” He says he plans to move state investments away from hedge funds if he is elected.
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