California Gov. Gavin Newsom allowed a select group of journalists to view his tax returns from 2021 through 2024 at his office on Thursday afternoon, and what's been reported about their contents so far isn't good for the 2028 presidential hopeful. According to reports from multiple outlets invited to view the returns, the Newsoms' income hasn't increased since the last time his returns were released, but Jennifer Siebel Newsom's for-profit company, Girls Club Entertainment, lost money all four years and didn't pay her a salary in 2023 or 2024.
The numbers are generally in line with what RedState projected they would be based on our review of his tax returns and financial disclosures from 2010 through 2020, and don't answer questions raised about how the couple can afford the lifestyle they lead.
Their taxable income, by year:
- 2021: $3.5 million (includes income from the sale of a home in Marin County)
- 2022: $1.6 million
- 2023: $1.4 million
- 2024: $1.4 million
For comparison, their average taxable income for tax years 2015 through 2020 was $1.4 million, with a high of $1.7 million in 2015 and a low of $1.1 million in 2017.
They paid a hefty tax bill on those earnings. From Politico:
The Newsoms paid close to $1.3 million in federal taxes and $184,000 in state income taxes in 2021 owing largely to the windfall from the house sale and other investments. They paid $760,000 in taxes in 2022 as their earnings dropped to $1.6 million. And they paid less than $600,000 in taxes in 2023 and 2024 while making $1.4 million each year.
The LA Times provided a few more details about taxes paid:
During those four years, Newsom and Siebel Newsom paid a high of $1,253,187 in federal income taxes in 2021, and a low of $488,821 in 2023. Their state tax income bill ranged from $34,307 to $213,331 during that time. The annual property tax bills hovered between $48,000 and $64,300 over that span.
Property taxes on the $9.1 million Marin County home Jennifer Siebel Newsom purchased through an LLC in November 2024 are not included on the returns, but presumably will be shown on the couple's 2025 return when they file it in October.
The couple continued to spend around $190,000 a year for household employees, which includes childcare costs of between $14,000 and $44,000 a year.
For the years covered by those tax returns, the Newsoms also carried a $13,000/month mortgage on their estate in Fair Oaks.
Jennifer Siebel Newsom's LLC took out a $6.5 million mortgage against the Marin County mansion purchased in 2024; she and her parents, as members of the LLC, were required to individually guarantee the note. Siebel Newsom's decrease in individual income from 2021 through 2023 raises further questions as to how the LLC qualified for the mortgage.
Reporters were given five hours to review the returns, which totaled nearly 800 pages. They were allowed to bring in blank tax forms, paper, and pens, but "Cameras, phones, photocopies, and smart glasses were strictly prohibited," according to KCRA's Ashley Zavala. Newsom's team claims this satisfies the governor's commitment to release his tax returns, with spokesman Izzy Gardon saying:
"Governor Newsom is the first Governor in California history to publicly release tax returns covering every year of his tenure in office. That's on top of placing his assets in a blind trust and signing a day-one executive order barring state agencies from doing business with his businesses. Meanwhile, Donald Trump is openly cashing in on the presidency — cutting business deals from the Oval Office and enriching himself and his family. The contrast is glaring, and the double standard is absurd."
An executive order may bar state agencies from doing business with his businesses, but agencies are still allowed to do business with Jennifer Siebel Newsom's nonprofit, The Representation Project.
Editor’s Note: The 2026 Midterms will determine the fate of President Trump’s America First agenda. Republicans must maintain control of both chambers of Congress.
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