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New Jersey Gov. Phil Murphy Sees Significant Drop In Income

TRENTON, N.J. (CBSNewYork) -- It looks like New Jersey Gov. Phil Murphy's income took a significant hit during the pandemic.

According to his tax returns, his earnings dropped to about $93,000 in 2020.

That's 63% less than the year before when his gross income was about $2.7 million.

His office did not say why his income had dipped so much.

As governor, his salary is $175,000, and much of his income comes from investments.

The loss of income means he won't have to pay the so-called millionaires tax he signed into law last year.

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