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PREVIOUS COVERAGE: New docs allege political targeting of Newsom
New court documents and DHS testimony reveal a federal agent raid outside a Gavin Newsom press conference back in 2025 was a political stunt. The court testimony goes against the Trump administration denying such claims when it first happened back on August 2025.
SACRAMENTO - California Gov. Gavin Newsom and his wife released four years of tax filings showing millions in annual income, offering a detailed look at their personal finances as the governor nears the end of his term and evaluates a potential 2028 presidential run.
What we know:
Newsom and his wife, Jennifer Siebel Newsom, maintained consistent annual earnings between $1.7 million and $2 million from 2022 through 2024, paying approximately $500,000 each year in combined federal and state taxes, according to over 700 pages of tax documents spanning four years of media review, the Associated Press reports.
While Newsom earns nearly $200,000 annually as governor, most of the family's income originates from his hospitality empire, The PlumpJack Group, which encompasses wineries and restaurants.
Newsom placed these assets into a blind trust upon taking office in 2019, and the enterprise is currently managed by his sister and cousin.
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His wife lost money in most years through her production firm, Girls Club Entertainment, which made the 2011 documentary "Miss Representation."
In 2021, the couple reported an income spike to $4.2 million after selling a Marin County home for nearly $6 million, which yielded roughly $800,000 in profit and resulted in over $1 million in tax payments that year.
The filings also detail the couple's personal expenditures and donations:
- Childcare: Paid between $14,000 and $44,000 annually for three of their four children.
- Charity: Donated between $40,000 and $65,000 in monetary gifts each year, alongside non-cash items including $45,000 worth of Armani business attire given to an Oakland racial justice group in 2022.
What we don't know:
The released documents do not itemize earnings or losses for individual businesses within the blind trust, making it extremely difficult to determine which specific wineries or restaurants generated profits.
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Additionally, the couple’s full financial picture for 2025 remains unknown because they filed for an official extension on those returns.
What's next:
The Newsoms are scheduled to complete their 2025 tax filings in October following their extension request.
This story was reported from Los Angeles.
The Source: This report is based directly on over 700 pages of official tax returns released by California Gov. Gavin Newsom's office for media review, covering the tax years 2021 through 2024. The Associated Press contributed.