Goldman Retiree Running for N.J. Governor Had $7 Million Income

  • Phil Murphy’s tax returns show most gains in past six years
  • Democrat’s entry to race dashed plans of potential challengers

Philip D. Murphy, the retired Goldman Sachs Group Inc. executive running as a Democrat for New Jersey governor in 2017, had income of $7.3 million last year, federal tax returns show.

His earnings came mostly from investments, and he paid $2.4 million in federal and state levies, according to the filings. From 2010-2014 he and his wife, Tammy, reported income of almost $21 million, records released in May show. In both cases, his campaign made the records available to the media on the condition that they not be removed or duplicated.

Murphy, 59, a Democrat who retired from the investment bank in 2006, would be the second former Goldman executive in the New Jersey governor’s office. The first, Jon Corzine, was a co-chairman who was ousted from the company in 1999, then spent more than $100 million of his personal fortune on runs for governor and U.S. Senate. Corzine was defeated after one term as governor by Republican Chris Christie, 54, in 2009.

Murphy’s opponents for the November race include Democratic Assemblyman John Wisniewski, 54, from Sayreville, and two Republicans, Assemblyman Jack Ciattarelli, 55, from Hillsborough and Steven Rogers, a Nutley commissioner.

Murphy, a major Democratic fundraiser, was President Barack Obama’s appointee as U.S. ambassador to Germany from 2009-2013. Prior to that assignment he was head of Goldman’s Frankfurt office and also had been chief of the company’s Asia operations. Like Corzine, he is an out-of-state transplant with blue-collar roots who says he would restore prosperity to New Jersey’s middle class by drawing employers looking for educated and high-skilled labor.

Local property taxes on the Murphys’ riverfront Middletown estate totaled $202,350. The couple reported paying $422,305 to household employees. The Murphys made $41,053 in charitable gifts and their foundation distributed $1.1 million.

For tax years 2010-2014, the Murphys reported income of $20.9 million, according to records disclosed in May, shortly after Murphy became the first candidate from either party to declare his candidacy. His previous single-year highest income total during that time was $6.4 million reported in 2014.

His entering the race with a $10 million personal loan to his campaign dashed the plans of two fellow Democrats, Senate President Steve Sweeney, 57, from West Deptford and Jersey City Mayor Steven Fulop, 39. Each has thrown support to Murphy.

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