Gavin Newsom and Jennifer Siebel Newsom released personal income tax returns showing a decrease in annual income since taking office.
Gavin Newsom and Jennifer Siebel Newsom released their personal income tax returns from 2021 to 2024, revealing a steady decline in their annual taxable income since Newsom became governor. The couple reported $1.7 million in taxable income in 2019, which dropped to $3.5 million in 2021—partially due to a home sale—and subsequently decreased to $1.39 million by 2024. Their primary sources of income are long-term investments and Newsom’s wine and hospitality businesses held in a blind trust, with only a small portion coming from wages and nonprofit work. The governor's office stated the release is part of a commitment to transparency. While California law does not require Newsom to continue disclosing his taxes, he chose to do so to contrast his fiscal management with Donald Trump, who was noted by a spokesman as cashing in on the presidency. The returns also come as the couple faces an FBI investigation regarding the tax activity of Siebel Newsom’s nonprofits.