California Governor Newsom releases tax returns, revealing income of $1.7m-$2m

California Governor Gavin Newsom and his wife earned between $1.7 million and $2 million per year from 2022 to 2024, and paid about $500,000 annually in federal and state taxes, according to tax returns released by his office.

The governor’s office released more than 700 pages of tax filings covering four years for reporters to review. The disclosure offers insight into Newsom’s finances as he prepares to leave office and considers a possible 2028 presidential bid. Returns for 2025 were not included because the couple filed for an extension and will complete them in October.

The filings show the Newsoms’ income has been relatively consistent since he took office in 2019, when they reported $1.7 million. The exception was 2021, when the family sold a house in Marin County for nearly $6 million, making about $800,000 from the sale. That year, they earned $4.2 million and paid more than $1 million in taxes. In 2022, they made roughly $2 million.

The release comes as the couple’s finances face scrutiny. Last month, Newsom announced that the US Justice Department had opened investigations into him and his wife. He called the probes politically motivated. It was the first time he had released returns since 2022.

Newsom makes nearly $200,000 a year as governor, but most of his income comes from winery and restaurant businesses held in a blind trust. The returns do not name each business, so it is unclear which ones made or lost money. The PlumpJack Group, his company comprising wineries and restaurants, is now run by his sister and cousin.

His wife, Jennifer Siebel Newsom, a film director, lost money in most years from Girls Club Entertainment, her production company. The company produced Miss Representation, a 2011 documentary, and two other films.

The filings show childcare costs of $14,000 to $44,000 a year for three of their four children. The couple gave $40,000 to $65,000 to charity annually, mostly in cash, and also donated clothing, toys and other items worth thousands of dollars. In 2022, they donated Armani business wear bought for $45,000 to a racial justice organization in Oakland.