By admin 
Gov. Gavin Newsom released the last four years of his most recently available federal tax returns to the media. It comes on the heels of national interest about how his net worth has grown amid an ongoing federal probe of his family’s finances and speculation about his anticipated 2028 presidential campaign.
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Newsom’s office made his and First Partner Jennifer Siebel Newsom’s joint tax records from 2021, 2022, 2023 and 2024 available for inspection to a handful of outlets. Reporters were allowed to view, but not copy the documents, which numbered more than 700 pages. Their 2025 tax return is not yet available.
The Newsoms reported earning between $1.3 million and $1.6 million in taxable income in 2022, 2023 and 2024. In 2021, they reported earning $4.2 million in total income, which they attributed to a windfall from selling one of their Marin County homes for $5.9 million.
The bulk of the couple’s money comes from millions in passive income earned via real estate holdings and business ventures like his PlumpJack-branded wineries, hotels and restaurants, which Newsom is shielded from accessing via a blind trust managed by his sister and cousin.
He also reported earning between $20,000 and $75,000 as an author for writing a children’s book about dyslexia, published in 2021. He does not earn any money from either of his podcasts, “Politickin’” or “This Is Gavin Newsom.”
Siebel Newsom’s assets are also shielded in a blind trust, which other politicians like Maryland Gov. Wes Moore have done to prevent conflicts of interest while in office. Both Newsoms’ trusts reportedly contain more than $1 million in assets; Forbes estimated PlumpJack’s worth to be at least $400 million, making Newsom’s stake likely worth millions.
The U.S. Department of Justice is currently scrutinizing Siebel Newsom’s nonprofits and taxes, according to two sources with knowledge of the investigation. Newsom hired the politically connected Washington, D.C. attorney Abbe Lowell to personally represent them earlier this month, though they have not yet been subpoenaed.
The governor’s office noted that Newsom is already required by law to report his investments, property, gifts and other business interests to the Fair Political Practices Commission, and had barred state agencies from conducting business with his hospitality empire.
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The Newsoms did not report any major increases in income since his election in 2018, according to his office. In a statement, his office took a subtle jab at President Donald Trump, who has added billions to his fortune in his second term, mainly via deals with companies and countries that do business with his own administration.
“Donald Trump is openly cashing in on the presidency — cutting business deals from the Oval Office and enriching himself and his family,” the statement said. “The contrast is glaring, and the double standard is absurd.”
Siebel Newsom, who listed her occupation as an actress and film producer, does not earn a salary as first partner, though she draws a salary from the Representation Project, her gender equity nonprofit, and Girls Club Entertainment, her film production company.
According to her tax returns, however, Girls Club Entertainment hasn’t made money for Siebel Newsom. The organization reported negative incomes of $40,351 in 2021; $37,393 in 2022; $8,844 in 2023; and $15,578 in 2024.
The Newsoms paid between $518,000 and $873,000 in taxes per year, which worked out to a federal income tax rate of 30% to 35% per year, according to his office. They also gave away between $40,000 and $67,000 annually to charities like Dress For Success in San Francisco and Goodwill in Sacramento Valley, mainly in the form of designer business clothes, furniture, toys and appliances, according to the tax returns.
The Newsoms reported earning about $341,000 to $417,000 in state wages between 2021 and 2024, mainly from Newsom’s gubernatorial salary. As of Dec. 1, he earns $245,929.
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This story was originally published July 31, 2026 at 10:00 AM.