California Governor Gavin Newsom and his wife, Jennifer Siebel Newsom, reported combined annual income of between approximately $1.7 million and $2 million from 2022 through 2024, according to newly released tax filings.
Newsom’s office allowed reporters to examine more than 700 pages covering the couple’s federal and California tax returns from 2021 through 2024. The documents offer the most detailed recent look at the finances of a Democratic governor who is preparing to leave office and is widely viewed as a possible contender for the 2028 presidential nomination.
The couple’s 2025 return was not included because they received a filing extension. Their office said the return is expected to be completed in October.
The records show that the Newsoms paid roughly half a million dollars annually in combined federal and state taxes during the three years from 2022 through 2024. Their income remained relatively consistent with the amount reported when Newsom entered the governor’s office in 2019.
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A significant exception occurred in 2021, when the couple reported approximately $4.2 million in total income. That increase was partly connected to the sale of a Marin County home for nearly $6 million, which reportedly produced a gain of about $800,000. Their combined state and federal tax payments exceeded $1 million that year.
Newsom earns close to $200,000 annually as governor, but his government salary represents only a relatively small portion of the family’s overall income. Most of the money reported in the returns came from wineries, restaurants and other hospitality businesses placed in a blind trust after he became governor. His gubernatorial salary reached approximately $192,000 in 2024.
Newsom founded the PlumpJack hospitality group before entering statewide office. The company, which includes wineries, restaurants and related businesses, is currently managed by members of his family.
Because the holdings are organized through a blind trust and grouped together in the tax documents, the released returns do not provide a complete breakdown showing which individual businesses generated profits or reported losses. That limits how much the public can determine about the performance of each company or the specific financial decisions made while Newsom has been governor.
Jennifer Siebel Newsom, a documentary filmmaker, reported business activity through Girls Club Entertainment, the production company behind films examining gender representation and social issues. The company recorded losses during most of the years covered by the returns.
The filings also provide details about the family’s personal expenses and charitable contributions. The Newsoms reported spending between approximately $14,000 and $44,000 annually on childcare for three of their four children.
Their charitable donations ranged from roughly $40,000 to $65,000 per year. Those contributions included cash payments as well as clothing, toys and other property donated to nonprofit organizations and secondhand stores.
One of the larger in-kind donations listed in the documents involved Armani business clothing that the couple said originally cost about $45,000. The clothing was donated in 2022 to an Oakland organization focused on racial justice.
The timing of the disclosure is politically significant. Newsom said in June that the Justice Department was investigating him and his wife, including reported scrutiny of financial activity involving organizations connected to Siebel Newsom. Newsom has described the investigation as politically motivated and linked it to his consideration of a future presidential campaign.
The Justice Department has not publicly announced criminal charges against either Newsom or his wife. The governor’s office said in early July that neither had received a subpoena at that time. The exact scope, status and potential outcome of the reported federal inquiry remain uncertain.
Releasing the documents allows Newsom to argue that he is providing greater financial transparency at a moment when his wealth, business connections and national ambitions are attracting closer scrutiny. However, the blind-trust structure means the returns cannot fully answer questions about the performance of each business or the people and companies interacting with those holdings.
The disclosure may also become part of the political debate surrounding Newsom’s economic positions. As governor, he has promoted policies involving taxes, housing affordability and assistance for working families while receiving most of his personal income from privately held businesses and investments.
That contrast does not by itself indicate wrongdoing, but it could receive additional attention should Newsom pursue the presidency. Political opponents are likely to examine whether his investments, charitable activity and family organizations created any conflicts, while supporters may point to his tax payments and voluntary disclosure as evidence of transparency.
Why It Matters
Financial disclosures help voters evaluate possible conflicts of interest involving elected officials whose private businesses produce substantially more income than their government salaries.
The returns are especially relevant because Newsom is approaching the end of his governorship and considering a possible national campaign. His wealth, tax record and business interests would probably receive far greater scrutiny during a presidential primary.
What Comes Next
The Newsoms are expected to complete and release their 2025 tax return after the filing extension ends in October.
Attention will also remain focused on the reported Justice Department investigation. Any subpoenas, official allegations or decision to close the inquiry could significantly affect how the tax disclosure is interpreted.
Newsom has not formally announced a 2028 presidential campaign, but his national activity and public disputes with the Trump administration will continue fueling speculation about his political plans.
