Gov. Murphy’s income went up last year, records show. Here’s how much he made

A Very Rich Governor's Earnings Under the Spotlight

In 2023, First Lady Tammy Murphy and Gov. Phil Murphy together claimed a combined adjusted gross income of about $1.4 million, up sharply from the previous year.

Based on publicly disclosed tax‐return data:

Most of that $1.4 million in income was from investment earnings: around $885,920 in capital gains, $486,844 in dividends, and around $113,364 in taxable interest.

Their 2023 effective tax rate was approximately 42.2%, with about $598,003 distributed in federal and state income taxes.

Their charitable donations (through the Philip & Tammy Murphy Family Foundation) totaled approximately $372,440 for 2023.

Income Fluctuations Over Time

Murphy's income record is quite volatile:

In 2022, the pair had income of approximately $684,576, a sharp decline primarily fueled by a decline in capital gains.

Conversely, in 2017 they earned approximately $6.8 million in revenue, with high capital gains and dividend income.

In 2018 (Murphy's first year in office), their revenue was about $2.2 million, the lowest in nine years for them to date.

These swings mirror the fact that a high percentage of the Murphys' earnings come from investment activity (capital gains, dividends, interest), as opposed to just the governor's wage (which by law is $175,000).

Why the Variation Matters

The variation is significant for a number of reasons:

Transparency & public trust: As governor of the state, Murphy's disclosure of his finances and tax summaries released are all contributing to increased public accountability. Income that fluctuates wildly from year to year garners public attention.

Policy coherence: Murphy has advocated for tax policies on more affluent earners (e.g., a million-dollar top rate). It's pertinent to know his own income when espousing these policies.

Investment risk and outside influences: The substantial decline in 2022 income demonstrates how investment-income reliance makes markets and asset sales significantly impact overall earnings. In down stock-market years, capital gains diminish.

Highlights from Their Recent Return

From their return in 2023, the following are the highlights:

Most of their income came from investments. The salary of the governor is relatively small compared to their total earnings.

Their tax bracket (at approximately 42%) is higher than that paid by many middle-class families—though not higher than could be expected for someone who earns as much in investment income.

They still give hundreds of thousands through their foundation.

Their earnings are still far in excess of the median household income in New Jersey, which reflects the "millionaire" designation often assigned to them.

Context: Why Their Income Is Under Fire

Some reasons why Murphy's earnings are a focus of criticism:

He's a retired Goldman Sachs senior executive and possesses considerable personal wealth. 

As governor, he makes policy decisions regarding taxation, budgeting and public expenditure; when a policymaker possesses significant private income, there are questions of interest alignment. 

The public demands publication of government leaders' finances to determine whether there are conflicts of interest, to measure whether policy decisions benefit specific wealth groups, and to ensure trust.

Income from investments (as opposed to salary) necessitates that annually earnings can move unpredictably, which can further make comparisons or judgments concerning annual performance or equity more difficult.

Reflections: What to Look For Moving Forward

Investment/salary mix balance: It's interesting to monitor how much of the total income in future years is from the governor's salary compared to capital gains/dividends. Reversion back to market volatility might alter the mix.

Charitable contributions: The philanthropic donations of the Murphys are considerable; seeing whether they continue or increase at these levels is of interest when assessing how resources are being utilized.

Policy implications: Since the governor directly influences tax policy (not least for high-income earners), his own fiscal reality becomes part of the larger discussion on equity and tax burden in the state.

Transparency in disclosure: Although summaries have been made available, full returns or more detailed analyses enable analysts to research deeper into asset classes, time of investment, etc., which contributes to public clarity.

Conclusion

Governor Phil Murphy's latest reported annual income of roughly $1.4 million in 2023 is back into "millionaire" stratosphere after the steep decline of 2022. The erratic fluctuations in his income over the years are due to heavy dependence on investment returns and market performance, and not just the governor's pay alone. For their New Jersey constituents and observers, these figures are an interesting point of reference—not just for insight into the governor's own finances—but also for the context they help provide on tax policy, state budgeting, public sector transparency and elite earnings in public office.