Dave Kotinsky/Getty Images for William Hill Race & Sports Bar

Murphy's tax return shows income climbed 48 percent in 2017

October 30, 2018 - 5:33 pm

TRENTON, N.J. (AP) -- New Jersey Gov. Phil Murphy's tax return indicates that his gross income went up roughly 48 percent to $6.8 million in 2017.

The Democratic governor on Tuesday released a couple of pages from his 1040 form and a summary of his income and taxes paid going back to 2010.

Murphy and first lady Tammy Murphy had a taxable income of $5.1 million and paid $2.2 million in federal and state taxes.

Their effective tax rate was 32.8 percent, up from 32 percent in 2016.

Murphy worked as an executive at Goldman Sachs and financed his campaign for governor last year largely out of his own bank account.

Last year, about $1 million came from dividends. Roughly $5.8 million came from capital gains.

The document shows about $603,000 went to charity.