(Bloomberg) -- New Jersey Governor Phil Murphy, who had a 23-year career at Goldman Sachs Group Inc., has seen his annual earnings shrink to less than $1 million while in public office.
The Democrat and his wife reported adjusted gross income of $982,636 for 2020, according to tax returns released Monday by his office. Murphy, 64, disclosed income of $6.8 million in 2017, the same year he won the governor’s race.
Murphy last year persuaded the state legislature to increase the state’s income-tax rate on millionaires, in order to fund rebates for middle-class homeowners. In November, he became the first Democrat in more than 40 years to win a second term as New Jersey governor after a closer-than-expected race.
