Murphy’s income down, but tax bill climbs, office says

TRENTON, N.J. (AP) — New Jersey Democratic Gov. Phil Murphy paid about $445,000 in federal and state taxes in 2020 on about $983,000 in income. That’s according to a summary of his tax returns released Monday by his office. Murphy’s income is down more than 63% over 2019 when his gross income was about $2.7 million. His office declined to address why income had dipped so much. Murphy earns a salary of $175,000 annually as governor but has also filed investment income, whose gains are not taxed until they’re sold.