New Jersey Governor Phil Murphy’s 2024 tax return reveals a $3.4 million income, a massive increase from 2023. Explore his salary, charitable donations, tax rate, deductions, and how his wealth compares to New Jersey’s median income.
Phil Murphy Tax Return 2024: Inside the New Jersey Governor’s $3.4 Million Income
New Jersey Governor Phil Murphy’s tax return 2024 reveals a sharp rise in household income, signaling one of the most financially dynamic years of his tenure. Alongside his wife, Tammy Murphy, the couple reported $3,410,662 in taxable income, more than double their earnings from 2023.
The Phil Murphy tax return 2024 offers a transparent look into how the state’s first family manages their finances — from tax payments to charitable giving — while drawing comparisons to New Jersey’s median household income.
A Deep Dive into Phil Murphy’s 2024 Income
According to the released documents, Phil Murphy’s taxable income rose from $1.38 million in 2023 to $3.4 million in 2024, marking an increase of nearly 146%.
Despite his governor’s salary remaining constant at $175,000 per year, the surge in income highlights the Murphys’ extensive investment portfolio and business returns.
Table 1: Phil Murphy’s Income History (2020–2024)
| Year | Reported Income | Notes |
|---|---|---|
| 2020 | $982,000 | Modest earnings amid market fluctuations |
| 2021 | $5.2 million | Peak year driven by strong investments |
| 2022 | $655,000 | Decline amid global economic slowdown |
| 2023 | $1.38 million | Modest rebound year |
| 2024 | $3.41 million | Strong recovery and investment growth |
This financial rebound places Phil Murphy’s 2024 tax return as one of his most profitable years since taking office.
Murphys’ Tax Payments and Deductions
The Phil Murphy tax return 2024 reveals that the couple paid $1,349,427 in local and federal taxes, representing an effective tax rate of 39.19%.
Additionally, they overpaid by $105,363, opting to have that amount applied to their 2025 taxes instead of taking a refund.
Table 2: Key Financial Details from Phil Murphy Tax Return 2024
| Category | Amount (USD) | Description |
|---|---|---|
| Total Taxable Income | $3,410,662 | Combined earnings for Phil and Tammy Murphy |
| Taxes Paid | $1,349,427 | Federal and state combined taxes |
| Charitable Contributions | $7,312 | Direct donations |
| Foundation Distributions | $685,420 | Charitable foundation allocations |
| Tax Rate | 39.19% | Effective tax rate |
| Overpayment | $105,363 | Applied toward 2025 taxes |
The Murphy family’s charitable contributions and foundation distributions reflect a commitment to social responsibility and public service.
Comparison with New Jersey Median Income
According to the U.S. Census Bureau, New Jersey’s median household income in 2024 was $104,294 — meaning the Murphys’ income was over 32 times higher.
| Metric | Amount | Comparison to Murphy’s Income |
|---|---|---|
| NJ Median Household Income (2024) | $104,294 | — |
| Murphy Family Income (2024) | $3,410,662 | 32.7× higher |
This stark contrast underscores the significant wealth gap between the state’s highest-earning families and the average New Jersey resident.
Who Filed the Murphy Family Taxes?
For the third consecutive year, Chad Thompson of RSM US LLP in Chicago managed the Murphys’ filings. RSM’s consistent involvement ensures accuracy, compliance, and transparency in the governor’s tax reporting.
This transparency supports Phil Murphy’s political image as a leader who prioritizes openness about his personal finances — a key factor in New Jersey’s political discourse.
Philanthropy and Public Service
Beyond income, the Phil Murphy tax return 2024 demonstrates the family’s ongoing commitment to charity. The couple contributed directly to various charitable organizations and distributed $685,420 through their family foundation.
Their philanthropic focus includes:
- Education and youth development programs
- Environmental sustainability projects
- Public health initiatives across New Jersey
This aligns with Murphy’s political messaging around community upliftment and equity.
Why the Huge Income Jump?
As a retired Goldman Sachs executive, Phil Murphy tax return 2024 income often fluctuates due to changes in investment returns and dividends.
Several factors contributed to the income surge in 2024:
- Strong financial markets boosting investment returns.
- Revaluation of assets and real estate holdings.
- Business interest gains from prior investments.
Although his governor’s salary remained at $175,000, it represented less than 5% of his total 2024 income.
Public Reaction to Phil Murphy’s 2024 Tax Return
The release of the Phil Murphy tax return 2024 stirred public discussions around wealth, transparency, and fairness in governance.
Supporters praise Murphy for voluntarily disclosing his financials annually, setting a standard for political accountability.
Critics, however, argue that the vast income disparity between state officials and average citizens highlights ongoing economic inequality in New Jersey.
Phil Murphy’s Financial Transparency Record
Governor Murphy has released his tax returns each year since taking office — a practice that distinguishes him from many state and federal politicians.
This ongoing transparency strengthens public trust and reflects his background as a finance professional who understands the importance of fiscal responsibility.
Economic Context: New Jersey’s Fiscal Landscape in 2024
The Phil Murphy tax return 2024 was filed amid a mixed economic backdrop:
- Inflation rates in the state dropped from 5.2% to 3.1%.
- Unemployment rates stabilized at 4.3%.
- State revenues increased due to higher corporate tax receipts.
Despite these positive indicators, New Jersey households continue to face challenges such as housing affordability and property tax pressures — issues central to Murphy’s administration.
Political Implications Ahead of 2026 Elections
Murphy’s rising income could draw attention as New Jersey’s political race heats up ahead of the 2026 elections. Opponents might use the Phil Murphy tax return 2024 to question his connection with working-class voters.
However, his record of transparency and philanthropic giving could mitigate such criticism by demonstrating civic responsibility and empathy.
FAQs About Phil Murphy Tax Return 2024
1. How much did Phil Murphy earn in 2024?
Governor Phil Murphy and his wife, Tammy Murphy, reported a taxable income of $3,410,662 for 2024.
2. What was Phil Murphy’s salary as governor?
Murphy’s annual salary remained $175,000, consistent throughout his tenure.
3. How much tax did Phil Murphy pay in 2024?
The Murphys paid $1,349,427 in total taxes with an effective rate of 39.19%.
4. Did Phil Murphy make charitable donations?
Yes. They contributed $7,312 in direct charitable donations and $685,420 through foundation distributions.
5. How does Murphy’s income compare to the NJ median?
Murphy’s $3.4 million income was roughly 32 times higher than the New Jersey median household income of $104,294.
6. Who handled the Murphy family tax filing?
The filing was completed by Chad Thompson of RSM US LLP, based in Chicago.
7. How has Murphy’s income changed over time?
Murphy’s income fluctuated between $655,000 (2022) and $5.2 million (2021), largely driven by investment returns.
8. What is Murphy’s effective tax rate?
His effective tax rate for 2024 was 39.19%, reflecting both state and federal obligations.
9. Why did Murphy overpay taxes?
The couple overpaid by $105,363, which was applied toward 2025 tax liabilities.
10. How does Murphy use his wealth for public good?
Through direct donations and foundation distributions, the Murphys fund education, health, and community initiatives.
Conclusion
The Phil Murphy tax return 2024 paints a picture of financial prosperity, fiscal responsibility, and philanthropic engagement. While his income — at $3.4 million — far exceeds the state’s average, Murphy’s commitment to transparency and charitable giving underscores his image as both a successful financier and a public servant.
As New Jersey continues to navigate post-pandemic recovery, Phil Murphy’s financial disclosures serve as a model for accountable leadership and ethical governance.