Governor Phil Murphy and First Lady Tammy Murphy’s tax return for 2023 has been made public, revealing that their income more than doubled compared to 2022.
The couple’s adjusted gross income in 2023 was $1.4 million, up from $684,000 the previous year and $5.2 million in 2021. Their income in 2023 included $885,920 from capital gains, $486,844 from dividends, and $113,364 in taxable interest.
They paid a 42% tax rate last year, down from nearly 50% in 2022 and 36% in 2021. The tax return shows that the Governor and the First Lady listed their occupations as governor and homemaker, respectively.
Two of their four children, Charles and Sam, were still claimed as dependents on their tax return. For a child to be considered a dependent by the IRS, they must be under 19 years old or a full-time student under 24 by the end of the year.
The Murphys also made over $372,000 in charitable donations in 2023, though this was less than the $500,000+ they donated in 2022 and the $692,000 they gave in 2021.
They paid $171,866 in property taxes on their six-acre waterfront home in Middletown, which includes a large house with six bedrooms and 12 bathrooms.