California Governor Gavin Newsom and his wife, Jennifer Siebel Newsom, reported a combined taxable income of approximately $1.39 million in 2024, according to federal tax returns released this week covering the years 2021 through 2024. The disclosure comes amid a federal investigation reportedly focused in part on Ms. Siebel Newsom’s nonprofit activities.
The tax filings show that Governor Newsom earned about $192,000 in wages from his gubernatorial salary in 2024, while Ms. Siebel Newsom reported around $148,000 in wages, primarily from the Representation Project, a nonprofit she founded in 2011 aimed at addressing gender stereotypes. A significant portion of the couple’s income—over $1 million in 2024—came from various investments, including substantial holdings in blind trusts related to the wine and hospitality sectors, which have been managed separately since Newsom assumed office in 2019.
The Newsoms’ finances remained relatively stable throughout the four-year period, with the notable exception of 2021 when their taxable income spiked to $3.5 million. This increase coincided with the sale of a multimillion-dollar home in Marin County, resulting in a gain exceeding $1 million that year. Despite widespread increases in asset values across many sectors, the reported income from investments remained consistent, reflecting income rather than asset appreciation.
Jennifer Siebel Newsom’s production company, Girls Club Entertainment, which focuses on films exploring social issues, has experienced consistent financial losses over recent years. For example, the entity reported a loss of $37,393 in 2022, while Ms. Siebel Newsom received comparatively modest compensation for her work. The couple also paid significant federal and state taxes, with an effective federal tax rate ranging from 30 percent to 35 percent over the disclosed years, totaling $2.79 million in federal taxes and about $500,000 in California state income taxes. Their reported expenses include nearly $200,000 annually paid for household staff and babysitters in 2024.
Governor Newsom’s taxable income for 2024 reflects a decline of about 18 percent compared with 2019. In addition to his gubernatorial salary, Newsom earned royalties as an author, bringing in $70,000 in 2023 and $75,000 in 2024, income associated with his 2023 memoir, "Young Man in a Hurry," and possibly prior children’s literature.
The releases mark the first time since Newsom’s 2022 re-election campaign that the couple has made their federal tax returns public, fulfilling a previous pledge to release them annually—a commitment that was not consistently followed in earlier years. Newsom’s office indicated that the disclosure aims to counter claims by right-wing critics alleging that the couple has profited improperly since he became governor.
The timing of the disclosure coincides with Newson’s consideration of a 2028 presidential run and ongoing scrutiny from federal investigators. Newsom has characterized the federal inquiry, reportedly focusing on his wife’s nonprofit sector ties, as politically motivated, a claim denying any wrongdoing.
Alongside income details, the disclosures provide insight into the Newsoms’ charitable contributions, ranging between $40,000 and $67,000 annually over the four years, though many recipient organizations were not publicly named. Noncash donations included clothing, household goods, and furniture to organizations such as Goodwill Industries Sacramento Valley and Northern Nevada.
The governor’s tax filings for 2025 are currently under extension and are expected to be submitted by the October deadline.