$1+M

November 6, 2020 | Number of The Day
Federal and state taxes paid by Gov. Phil Murphy and Tammy Murphy in 2019

Gov. Phil Murphy’s office released partial 2019 tax returns for the governor and his wife Tammy on Wednesday that showed an adjusted gross income of just over $2.7 million. That was up by 23% on 2018 ($2.2 million), the governor’s first year in office — but way down from 2017, when they made $6.8 million. They paid more than $1 million in federal and state taxes last year and made total charitable contributions of almost as much ($861,000). The governor’s salary of $175,000 represented less than 6.5% of his 2019 income.

The Murphys can expect to pay more to the state next year, all things being equal, because of the governor’s recent success in increasing the millionaires tax after previous failure to achieve that aim: The state’s latest budget included an increase in the tax rate — 8.97% to 10.75% — on income between $1 million and $5 million. The 10.75% rate has applied to annual income above $5 million since 2018.

Read the Murphys’ 2019 Form 1040.