According to the tax returns released by Governor Gavin Newsom’s office, between 2021 and 2024, the annual income of Governor Newsom and his wife ranged from $1.4 million to $2 million, with at least $500,000 paid in federal and state income taxes each year.
On Thursday, Governor Newsom’s Democratic office released over 700 pages of tax returns for the past 4 years. Journalists were allowed to personally review these 718 pages of tax returns at the governor’s office in Sacramento, but photography or copying was not permitted.
This disclosure comes after weeks of questions regarding why Newsom stopped publicly sharing his tax documents after the 2020 tax year, despite promising to release his tax returns annually while in office as governor.
As the Newsoms requested an extension, their 2025 taxes are expected to be completed by October, so their office has not released the tax return for that year.
The tax forms show that Newsom’s income has remained relatively stable since he took office as governor in 2019.
In 2019, the Newsoms reported an annual income of $1.7 million. In 2021, they had an exceptional year when they sold a property in Marin County for nearly $6 million, making a profit of about $800,000. That year, their income was $3.5 million. In 2022, their income was around $1.6 million, and in 2023 and 2024, it was about $1.4 million.
Newsom also disclosed his annual governor’s salary, which increased from $167,647 in 2021 to $192,087 in 2024.
Most of their income each year comes from investments, including Newsom’s wine and hotel business income. After becoming governor, Newsom placed these businesses into blind trusts and no longer participates in their daily operations.
His wife, Siebel Newsom, reported her income as a film producer. In 2021, she earned $11,700 in self-employment income from Girls Club Entertainment LLC, which continued to incur losses in the following years.
Siebel Newsom’s yearly salary from her other non-profit organization, The Representation Project, remained around $150,000.
During these four years, the couple’s federal tax rate ranged from 30% to 35%, with tax amounts between $1.2 million and $488,821. They paid state taxes ranging from $184,381 to $68,223.
The governor’s office stated that over the years, the Newsom family has donated tens of thousands of dollars to charity, although the specific recipients were not listed in the tax returns.
As the Newsoms released their tax returns, the U.S. Department of Justice is investigating their financial situation, which has garnered close attention. Law enforcement sources indicated that one of the investigations is related to the tax activities of a non-profit organization under Siebel Newsom’s name, rather than her personal tax situation.
Newsom has called the investigation politically motivated and denies any wrongdoing.