New Jersey Governor, Wife Report $6.8 Million in Total Income in 2017

(Bloomberg) -- New Jersey Governor Phil Murphy and his wife, Tammy Snyder Murphy, reported $6.8 million in total income in 2017, according to a two-page tax-return summary.

The figure was 48 percent higher than the $4.6 million they reported in 2016 -- and more than 90 times the median household income in the Garden State.

The Murphys in 2017 paid $2.2 million to the federal government, with an over-payment of $493,936, the records show. That made for an effective tax rate of 32.8 percent for the couple, who reported $603,543 in charitable contributions.

Murphy, 61, is a retired Goldman Sachs Group Inc. senior director and former U.S. ambassador to Germany. A Democrat, he took office in January pledging to make New Jersey’s economy “stronger and fairer” and has since raised taxes on residents, like himself, who earn more than $5 million a year.

Reporters will be allowed to view the records in detail on Nov. 1.

“In stark contrast to President Trump, we believe New Jerseyans have a right to transparency and openness,” Murphy said in a statement. “Operating with the spirit of those values, we are releasing our tax returns today.”

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