Gov. Phil Murphy releases tax returns. Here's how much the first couple earned last year

Running the state of New Jersey banks Gov. Phil Murphy $175,000 a year, and while his taxable income last year was nearly four times that, it’s still millions of dollars less than it was in 2021.

Murphy, a retired Goldman Sachs executive, revealed his latest income in his routine disclosure of tax returns Thursday night.

The idea of filing taxes is a relatable – if sometimes painful – part of life for most New Jersey residents but the fluctuations that Murphy and his wife Tammy see probably aren’t.

Over the last three years, the Murphys have seen their income shift from about $982,000 in 2020 to a whopping $5.2 million in 2021 and back down to about $655,000 last year.

While the couple’s income took a sizable drop, their refund didn’t fall nearly as much. They still managed a return of more than $293,000, which is about three times more than the state’s median household income of $89,703, according to the U.S. Census Bureau.

Three of the four Murphy children are still claimed as dependents on the return. The couple took a deduction of $27,300 and paid $431,763 in estimated taxes.

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According to the information released by Murphy’s office, they also had $115,000 in other payments and refundable credits, including $1,067 in charitable contributions and an estimated $500,150 in foundation distributions. They paid a total of $341,275 in local and federal taxes last year, a tax rate of 49.85%.

The first family of New Jersey saw a dramatic dip in the capital gains from the year before. They earned about $4.3 million that way in 2021 while seeing a loss of $3,000 in 2022.

While the same firm prepared the couple's taxes, it was a different person in charge this year. Chad Thompson of RSM US LLP's Chicago office was responsible in 2022.

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Shifts in the market could be playing a part in the turn the Murphys' finances took. Wall Street ended 2021 with near-record highs, with the S&P 500 posting a gain of more than 27%, while 2022 saw that market drop about 18%.

Murphy may still have a well above average income, but he has consistently worked toward making the state more affordable for everyone by raising the minimum wage, providing and increasing the child tax credit and creating programs like ANCHOR to deliver tax rebates to both homeowners and renters.

This article originally appeared on NorthJersey.com: NJ Gov. Phil Murphy releases tax returns, income takes dip