Reporters were granted a four-hour window in his Trenton office on Friday to examine the returns. A binder larger than most college mathematics textbooks included hundreds of pages detailing a massive investment portfolio that included shares of stock in hundreds of firms including Apple, Delta Airlines, and Verizon.<\/p>\n
According to the filings, the Murphys’ wealth increased by over $5 million in a year when the stock market soared. They also reveal that their co-owned women’s professional soccer team lost money again this season.<\/p>\n
Murphy is not going to make his tax returns available to the general public. His administration has only made publicly available a two-page 1040 form and a tax summary for the past few years. New Jersey’s Advance Media combed through all of the ballots. And here’s what we discovered.<\/p>\n
Their Annual Property Tax Bill Has Declined<\/h2>\n
The Murphys’ 6.3-acre mansion in Monmouth County, which they purchased in 2000 for $9.9 million, had a property tax bill of exactly $185,197 in 2017. In 2021, their property tax bill was $207,987, a decrease from the 2020s $209,087.<\/p>\n
![\"In](\"https:\/\/newjerseylocalnews.com\/wp-content\/uploads\/2022\/11\/PBEPPVC5RVBOZAIOYRJODV4RNQ.jpg\")
<\/p>\n
It’s common knowledge that New Jersey has the highest property taxes in the country. In 2021, the average taxpayer forked over $9,284 in money. The annual property tax payment ate up three percent of the couple’s disposable income.<\/p>\n
According to official figures, New Jersey property taxes ate up nearly 11% of the median income in the state. Despite Republican criticism that he wastes tax dollars, Democratic Governor Murphy has made reducing property taxes a central plank of his second term in office.<\/p>\n
Employees at the Murphys’ Middletown mansion earned a total of $389,935. The pair has assets and bank accounts in Germany and Italy as well. From 2009 to 2013, Murphy served as the United States ambassador to Germany.<\/p>\n
Read More:\u00a0New Jersey Eligible Residents Will Get a $500 Check in The Mail This Month!<\/a><\/strong><\/p>\n The Gross adjusted income for the Murphys in 2021 was $4.97 million. Since Murphy became governor in 2018, that’s their highest annual total. This is the first time in at least a decade that the couple’s combined gross income has been below $1 million.<\/p>\n It is also a 406% rise over the previous year when they reported $982,000. Murphy’s $175,000 annual compensation as governor of New Jersey comes primarily from other sources of income. His additional income comes from shares and other investments he and his wife have made.<\/p>\n Their assets have been held in a blind trust since Murphy became governor. When asked about the Murphys’ relatively slow year in 2020, administration officials said it was because the people managing their holdings did not sell or trade as many assets as years before.<\/p>\n However, the dramatic increase in 2021 was attributed in large part to a surge in capital gains during a strong market year. According to their tax return, the Murphys earned $4.29 million in capital gains, $531,000 in dividends, and $123,000 in interest last year. The prior year’s totals for the three categories were $277,500, $416,000, and $136,000.<\/p>\n Murphy’s income dropped so much in 2020 that he didn’t qualify for the so-called millionaire’s tax he and lawmakers had enacted that year. The law increased the tax rate on gross income between $1 million and $5 million from 8.97% to 10.75%.<\/p>\n As a result of a significant increase in income, the governor will be able to make the payment this year. The combined state and federal income taxes the Murphys paid last year were $1.79 million, at a tax rate of 36%.<\/p>\n That’s an increase from the prior year’s $445,000 (at a tax rate of 45%). The Governor’s Office explained that the increased tax rate for 2020 was due to the fact that they had already paid more in taxes.<\/p>\nTheir Income Quadrupled<\/h2>\n
![\"In](\"https:\/\/newjerseylocalnews.com\/wp-content\/uploads\/2022\/11\/L544TGPQUVBULMKFR2WURPT7YY.webp\")
<\/p>\nHe\u2019ll Pay the Millionaires Tax This Time<\/h2>\n
![\"In](\"https:\/\/newjerseylocalnews.com\/wp-content\/uploads\/2022\/11\/49988266383_1c6c5601e4_c.jpg\")
<\/p>\n
![\"In](\"https:\/\/newjerseylocalnews.com\/wp-content\/uploads\/2022\/11\/49988266383_1c6c5601e4_c-1.jpg\")
<\/p>\n