Credit: (Phil Murphy via Facebook)

Gov. Phil Murphy and his wife, Tammy Murphy, reported $3.4 million in federal joint taxable income in 2024, according to a summary released by his office on Oct. 30.

The figure is more than double what the couple reported in 2023, and the most since 2021 when they reported $5.2 million.

The Murphys placed their investments in a blind trust in 2018, shortly after he came to office. In 2024, most of their income – $2.7 million – came from capital gains. They declared $30,750 in standard deductions and received a $105,363 tax refund.

The summary includes data from 2020-2024. Last year, the Murphys paid $1.3 million, or 38% of their income, in federal and state taxes. Their tax rate, which has been as high as 49.85%, was 39.19%.

Murphy, 68, a two-term Democrat, is leaving office in January. New Jerseyans will elect his successor on Nov. 4.

He is a retired Goldman Sachs Group Inc. senior director and ex-U.S. ambassador to Germany. Tammy Murphy, 60, is a former financial analyst. On their tax return, Murphy’s listed occupation is governor, with $175,000 annual pay, and Tammy Murphy is identified as a homemaker.

The Murphys’ charitable contributions, mostly through their foundation, totaled $692,732 for 2024. That’s the most they donated in five years, the summary shows.

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Editor’s note: NJ State House News Service intern Brooke Holzhauer is a William Paterson University junior majoring in broadcast journalism.