Inside look at Gov. Murphy’s wealth: More than doubled income last year

💰 New Jersey governor and first lady release tax return
💰 Made double 2022, less than 2021
💰 Still have two kids as dependents

Gov. Phil Murphy’s tax return, filed jointly with First Lady Tammy Murphy, has been publicly released and shows the wealthy couple more than doubled their income last year over 2022.

The Murphys’ adjusted gross income was $1.4 million in 2023, compared with $684,000 the year before and $5.2 million in 2021.

Their 2023 income was broken down as $885,920 in capital gains, $486,844 in dividends and $113,364 in taxable interest in 2023, as seen on the tax return and first reported by NJ.com.

The wealthy couple was at a 42% tax rate for last year, compared with a nearly 50% rate in 2022 and a 36% rate in 2021.

Their occupations were listed as governor and homemaker, respectively.

Two of the Murphy's four children — Charles and Sam — were still listed as dependents.

Under IRS guidelines, to be a dependent the child must be either younger than 19 or be a "student" younger than 24 years old as of the end of the calendar year.

They made over $372,000 in charitable contributions or foundation distributions in 2023.

The 2022 charitable figure was over $500,000 while 2021 saw $692,000 in total charitable distributions.

As for the taxes they have been paying on their six-acre waterfront compound in Middletown - this year is $171,866 in taxes.

The main house has six bedrooms and 12 bathrooms.

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