Gavin Newsom’s Tax Return Drama: DOJ Probe Sparks Long-Awaited Release
Gavin Newsom, the governor with a history of dodging tax return releases, is now scrambling to prepare his financial disclosures as the Department of Justice digs into his family's finances.
His office announced plans to release tax returns from his current term, coinciding with federal scrutiny of his wife, Jennifer Siebel Newsom, and others close to him. This comes after years of silence following his 2020 tax return release.
Newsom previously touted tax return transparency as a "moral duty" during his 2018 campaign, taking aim at Donald Trump for refusing to disclose his own returns. Yet, after winning reelection in 2022, Newsom stopped sharing his financial records.
His last public tax return was for the year 2020, which hit the public eye over four years ago. Newsom's spokesperson, Tara Gallegos, claimed they have disclosed all returns filed while he was a candidate for statewide office from 2015 through 2022.
Gallegos emphasized that they are now working on preparing the remaining returns for public viewing, asserting that unlike Trump, Newsom has "nothing to hide." However, no timeline for these disclosures has been provided.
In a previous inquiry by Calmatters in 2024, spokesperson Nathan Click suggested that the tax returns would eventually be shared with reporters "in a controlled setting."
Caitlin Sutherland, executive director of Americans for Public Trust, slammed Newsom's lack of transparency as hypocritical, questioning what the Newsoms might be concealing amid ongoing federal investigations.
The couple's wealth has come under fire, particularly their $9 million estate in Marin County and a $3.7 million home in Fair Oaks. Their financial dealings are now scrutinized due to Siebel Newsom's taxes being a focal point of multiple federal probes.
According to Newsom's 2020 tax return, the couple reported an income of approximately $1.5 million and paid around $480,000 in taxes. They took out a staggering $6.5 million mortgage to acquire their Kentfield estate through an LLC established by Siebel Newsom.
Newsom's salary as governor stands at $246,000, while Siebel Newsom has compensated herself between $150,000 and $300,000 annually through her nonprofit and documentary film company.
His extensive investments in the wine and hospitality sectors include the luxury wine shop Plumpjack and various wineries. He began his career with backing from billionaire Gordon Getty and was already a millionaire when he ran for mayor of San Francisco.
Additionally, Newsom earned $100,000 from book royalties related to his memoir, "Young Man in a Hurry." Siebel Newsom, hailing from a wealthy Republican family, has a blind trust valued at over $1 million.
In a recent video statement, Newsom claimed that federal investigations have intruded into the lives of family and friends for political motives as he contemplates a presidential run in 2028.
The US Attorney’s Office in the Eastern District of California is investigating allegations from whistleblowers regarding Siebel Newsom's taxes and possibly involving former chief of staff Dana Williamson and current staffers.
Siebel Newsom criticized Trump's tactics, stating there are "clearly no boundaries" to what he will do against those who oppose him. She asserted that this behavior is unpresidential and vowed that they will continue to speak truth to power for the American people.
