California Governor Gavin Newsom and his wife, Jennifer Siebel Newsom, reported annual earnings between $1.7 million and $2 million from 2022 through 2024, according to tax returns released by his office on Thursday. The filings, spanning more than 700 pages, provide a detailed look at the couple’s finances as Newsom prepares to leave office and considers a potential 2028 presidential bid.
The returns show the Newsoms’ income has remained relatively stable since Newsom took office in 2019, when they reported $1.7 million in annual income. The exception was in 2021, when the couple sold a Marin County home for nearly $6 million, generating roughly $800,000 in profit from the sale. That year, their total income reached $4.2 million, with federal and state taxes exceeding $1 million. Their earnings in 2022 were approximately $2 million.
Tax returns for 2025 were not included in the release, as the couple filed for an extension and plans to finalize those filings in October.
Key Financial Details from the Tax Returns
Income Sources:
The Newsoms’ earnings primarily derive from investments, wineries, and restaurants, including holdings managed through the PlumpJack Group, a business Newsom co-founded before entering politics. Newsom stated he placed the company in a blind trust upon assuming office, with his sister and cousin now overseeing operations.
Jennifer Siebel Newsom’s Income:
Jennifer Siebel Newsom, a documentary filmmaker and nonprofit leader, reported earning $145,000 to $150,000 annually from her role as president of the Representation Project, a nonprofit advocating for gender equity. Her for-profit production company, Girls Club Entertainment, reported losses in recent years.
Tax Payments:
The couple paid approximately $500,000 annually in federal and state taxes from 2022 through 2024. In 2021, their tax burden exceeded $1 million due to the one-time home sale.
Context and Background
Newsom’s office released the tax filings amid ongoing scrutiny of his finances, including investigations by the U.S. Department of Justice (DOJ). Newsom has characterized these probes as politically motivated, alleging they are tied to his potential presidential ambitions. The DOJ has not publicly confirmed the existence of these investigations.
The tax returns also highlight donations to Jennifer Siebel Newsom’s nonprofit, the Representation Project, from entities that lobby the California government, including Pacific Gas & Electric Co. and AT&T. These contributions have drawn criticism, though the nonprofit has not disclosed the specific amounts received.
Reactions and Responses
Newsom’s office framed the release of the tax returns as a move toward transparency, noting that the governor has previously released financial disclosures. Critics, however, argue that the timing of the release—amid federal scrutiny—raises questions about its motivations.
The governor’s annual salary as of 2025 is $245,929, an increase from $209,747 when he first took office in 2019. The salary adjustments follow California’s annual cost-of-living adjustments for elected officials.
What’s Next?
The couple’s 2025 tax returns are pending, with a deadline of October for completion. Newsom has not publicly commented on whether additional financial disclosures will be released in the future. The tax filings remain available for public review, offering ongoing transparency into the governor’s finances.