How wealthy is Gavin Newsom? 700 pages of tax return filings reveal multimillion-dollar income

The disclosure comes after weeks of questions over why Newsom had stopped releasing his tax returns after tax year 2020 despite repeatedly saying he would continue to make them public while serving as governor. It also arrives as the Democratic governor faces heightened scrutiny following federal investigations involving him and his wife, which Newsom has dismissed as politically motivated.

His office released more than 700 pages of tax filings covering four years for reporters to review. The returns for 2025 were not included because the couple filed for a tax extension and expect to complete them in October.

Income remained steady over four years

The tax filings show the Newsoms’ finances have remained largely stable during Newsom’s time in office. According to an Associated Press review, the couple earned around $2 million in 2022. Between $1.7 million and $2 million annually from 2022 through 2024.

Their income was significantly higher in 2021, when they sold a home in Marin County for nearly $6 million, making about $800,000 from the sale. That year, they reported $4.2 million in income and paid more than $1 million in combined federal and state taxes.

The latest filings also show the couple paid roughly half a million dollars annually in federal and California state taxes during 2022-2024. According to the Los Angeles Times, they paid nearly $2.8 million in federal income taxes and about $500,000 in California income taxes across the four-year period. Their income has remained broadly consistent since Newsom became governor in 2019, when they reported annual earnings of about $1.7 million.

Most income came from business interests

Newsom earned nearly $200,000 a year as California governor, but that salary represented only a small share of the family’s income. Most of their earnings came from winery, restaurant and hospitality businesses, which Newsom placed in a blind trust after taking office to avoid conflicts of interest.

The returns do not identify the individual businesses that generated profits or losses, making it impossible to determine which operations performed well during the period. Newsom’s PlumpJack Group, which includes wineries, restaurants and hospitality businesses, is currently managed by his sister and cousin.

Jennifer Siebel Newsom’s production company posted losses

The returns also show that Jennifer Siebel Newsom, a filmmaker, lost money in most years through her production company, Girls Club Entertainment. The company produced the 2011 documentary “Miss Representation,” which examines portrayals of women and girls in the media, along with two other films.

The filings reveal several other aspects of the family’s finances. Newsom received $70,000 in author income in 2023 and another $75,000 in 2024. The Los Angeles Times reported it was unclear whether those payments came from his memoir, “Young Man in a Hurry,” or from other publishing work. The family spent between about $14,000 and $44,000 annually on childcare for three of their four children.

They also donated between $40,000 and $67,000 to charity each year, mostly through cash contributions, while also giving away thousands of dollars worth of clothing, toys and household items to thrift stores and nonprofit organizations.

One donation that drew attention occurred in 2022, when the Newsoms gave Armani business attire originally purchased for about $45,000 to an Oakland restorative justice nonprofit. On their tax filings, they estimated the clothing’s thrift-store value at $4,900, making it eligible as a charitable deduction.

Why the tax returns became controversial

The release of the returns has generated attention for several reasons. First, Newsom had long argued that elected officials should disclose their finances. During his successful 2018 gubernatorial campaign, he released multiple years of tax returns dating back to 2011. After taking office, he signed a 2019 California law requiring candidates for governor to publicly disclose five years of federal income tax returns before appearing on the state’s primary ballot. He also pledged to continue releasing his own returns annually while serving as governor.

However, until now, he had not released returns covering years after 2020, prompting criticism over the delay and questions about whether he had abandoned his transparency pledge. Earlier this month, Newsom himself reportedly appeared surprised when asked why the newer returns had not been made public.

His office had maintained that there was nothing unusual about the filings. “They’re unremarkable and entirely consistent with what Californians already know from his annual Form 700 disclosures,” spokesperson Diana Crofts-Pelayo previously told The Washington Post.

She added, “The governor publicly released his tax returns while he was on the ballot and is happy to go above and beyond by releasing the remaining years as well.” Earlier this month, Newsom spokesperson Izzy Gardon also confirmed that the remaining returns would be released.

Federal investigations add to scrutiny

The timing of the disclosure has attracted additional attention because it comes after Newsom announced last month that he and First Partner Jennifer Siebel Newsom are subjects of investigations by the U.S. Justice Department.

Newsom has repeatedly argued the probes are politically motivated and accused the Trump administration of weaponizing the Justice Department against someone widely viewed as a potential 2028 Democratic presidential contender. According to a source cited by The Washington Post, one federal inquiry is examining Jennifer Siebel Newsom’s tax matters.

Separately, Newsom’s former chief of staff, Dana Williamson, was investigated by federal authorities and pleaded guilty in May to conspiracy to commit bank and wire fraud, filing a false tax return and lying to the FBI. Williamson is scheduled to be sentenced on September 17.