California Governor Gavin Newsom and his wife reported annual earnings between $1.7 million and $2 million from 2022 through 2024, paying approximately $500,000 per year in combined federal and state taxes, according to tax returns released by his office.

The Democratic governor's office made public more than 700 pages of tax filings covering a four-year period, giving reporters an opportunity to examine the couple's finances as Newsom prepares to leave office and weighs a potential 2028 presidential bid. The voluntary disclosure aligns with a tradition observed by most major-party presidential nominees in recent decades, though the practice has become less uniform since Donald Trump declined to release his returns as a candidate and sitting president. Returns for 2025 were not included, as the couple filed for an extension and expects to complete those filings in October.

According to the returns, the Newsoms' income has stayed relatively steady since he took office in 2019, when they reported $1.7 million in annual earnings. The one notable exception came in 2021, when the family sold a home in Marin County for nearly $6 million, netting roughly $800,000 from the transaction. That year, their total income reached $4.2 million, and they paid more than $1 million in federal and state taxes. In 2022, they earned approximately $2 million.

The disclosure arrives at a time of heightened scrutiny of the couple's finances. Last month, Newsom announced that the U.S. Justice Department had launched investigations into the Newsoms. The governor has publicly denounced the probes as politically motivated. This release marks the first time Newsom has made his tax returns public since 2022.

While Newsom earns nearly $200,000 annually in his capacity as governor, the bulk of his income is derived from winery and restaurant businesses that he placed into a blind trust upon taking office, a mechanism designed to prevent officeholders from making policy decisions that could personally benefit their holdings. The tax returns do not identify individual businesses by name, making it impossible to determine which specific ventures were profitable and which sustained losses.

The PlumpJack Group, a hospitality company Newsom founded in 1992 with the backing of family friend Gordon Getty, encompasses a collection of wineries, restaurants, and retail shops. It is currently managed by his sister and cousin.

His wife, Jennifer Siebel Newsom, a film director, reported losses in most years from Girls Club Entertainment, a production company she founded. The company produced "Miss Representation," a 2011 documentary examining disparaging portrayals of women and girls in media, along with two other films.

The tax filings also reveal that the Newsoms paid between roughly $14,000 and $44,000 annually for childcare for three of their four children.

Charitable giving by the couple ranged from $40,000 to $65,000 per year, primarily through monetary donations. They additionally contributed thousands of dollars' worth of clothing, toys, and other items to thrift stores and nonprofit organizations. In 2022, this included Armani business attire originally purchased for $45,000, which they donated to a racial justice organization in Oakland.

Source: Fortune