RESOLVING THE LEDGER
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California Gov. Gavin Newsom and his wife made between $1.7 million and $2 million annually from 2022 through 2024, and they paid about half a million a year in federal and state taxes, according to tax returns released by his office.
The Democrat’s office released more than 700 pages of tax filings spanning four years for reporters to review, offering a window into Newsom’s finances as he prepares to leave office and considers a 2028 presidential bid . Newsom’s office did not release returns for 2025, because the couple filed for an extension and will complete those returns in October.
The returns show the Newsoms’ income has remained relatively consistent since when he took office in 2019, when the couple reported $1.7 million in annual income. The exception was in 2021, when the family sold a house for nearly $6 million in Marin County, making roughly $800,000 from the sale. That year, they made $4.2 million and paid more than $1 million in federal and state taxes. They earned roughly $2 million in 2022.
The release of the couple’s tax filings comes as their finances have been under scrutiny after the U.S. Justice Department launched investigations into the Newsoms, the governor announced last month . Newsom has blasted the probes as politically motivated.
It was the first time Newsom released returns since 2022 .
Newsom made nearly $200,000 annually from serving as governor, but most of his income comes from winery and restaurant businesses that he put in a blind trust when he took office. The returns don’t name each individual business, making it impossible to know which ones gained and lost money.
The PlumpJack Group, a company he owns that includes a suite of wineries and restaurants, is now run by his sister and cousin.
His wife Jennifer Siebel Newsom , a film director, lost money most years from Girls Club Entertainment, a production company she founded. The business produced “Miss Representation,” a 2011 documentary about disparaging portrayals of women and girls in media, and two other films.
The Newsoms paid between roughly $14,000 and $44,000 a year for childcare for three of their four children, according to the tax filings.
They gave between $40,000 and $65,000 in gifts to charity each year, mostly through monetary donations. They also donated thousands of dollars worth of clothing, toys and other items to thrift stores and nonprofits, including in 2022, when they gave away Armani business wear they originally bought for $45,000 to a racial justice organization in Oakland.
This story was originally featured on Fortune.com
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