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Gov. Murphy says he paid $1 million in state, federal taxes

Gov. Phil Murphy
Posted at 7:36 PM, Nov 04, 2020
and last updated 2020-11-04 19:36:37-05

TRENTON, N.J. — New Jersey Democratic Gov. Phil Murphy paid about $1 million in state and federal taxes in 2019 on roughly $2.7 million in income.

That's according to a summary of his tax returns released Wednesday by his office.

Murphy worked as an executive at Goldman Sachs before he served as Barack Obama’s ambassador to Germany and made the lions' share of his income from capital gains, according to two pages of his 1040 released by his office.

The first-term governor’s effective tax rate amounted to about 37%.