Despite his promise to be the first California governor to release his tax returns annually, Governor Gavin Newsom has not made any new filings public during his second term. The last time he disclosed a tax return was in March 2022, while he was campaigning for re-election.
Under a law he signed, gubernatorial candidates are required to release their five most recent income tax returns, which included filings through 2020. At that time, Newsom and his wife reported an income of nearly $1.5 million and paid about $480,000 in taxes.
A spokesperson for Newsom stated that they would arrange a time for reporters to review the tax documents but did not provide a specific date. Newsom’s financial situation has come under scrutiny after reports revealed that he and his wife had purchased a new home in Kentfield for around $9 million. They explained that the home was bought through an LLC and that no outside financial assistance was involved.
As governor, Newsom earns an annual salary of $234,101 but also generates income from a wine and entertainment business held in a blind trust since he took office in 2019. In their 2019 tax return, it was noted that the couple was renting out their previous home for $20,000 per month while it remained on the market for nearly $6 million.
Newsom began releasing his tax returns during his 2017 campaign for governor, reviving a practice that had been abandoned by former Governor Jerry Brown. This move was partly seen as a response to then-President Donald Trump’s refusal to disclose his own tax returns.
In 2019, Newsom signed a bill requiring presidential candidates to release their tax returns to appear on California’s primary ballot, although the California Supreme Court later ruled this law unconstitutional. However, the court upheld the requirement for gubernatorial candidates to disclose their tax returns.