Gavin Newsom and his wife made $1.7 million in his first year as governor, tax returns show

Gov. Gavin Newsom and his wife, First Partner Jennifer Siebel Newsom, earned about $1.7 million during Newsom’s first year as governor, according to the couple’s 2019 tax returns.

That’s about half a million dollars more than they made the previous year. Most of their money came from assets in Newsom’s blind trust, which he set up in 2019 to hold wineries and other business he founded. In total, the Newsoms made more than $1.5 million from the trust.

Newsom also made wages from his salary as governor and for a book he is working on. He has previously said he is writing a children’s book inspired by his struggles with dyslexia. Siebel Newsom made wages from her work in the film industry.

In total, they paid $712,544 in state and federal taxes, a 42.1% tax rate. They also reported giving $100,871 to charity.

On Monday, the governor’s office let reporters view, but not photograph or copy, the Newsoms’ 2019 tax returns.

Newsom promised when he became governor that he would let reporters review his tax returns each year while he is in office.

Soon, he will be required to release them publicly under a state law he signed in 2019 that aimed to require presidential and gubernatorial candidates to release their taxes to appear on California ballots. The California Supreme Court struck down the requirement for presidential candidates, but the gubernatorial requirement remains.

The law stipulates that candidates for governor must submit five years of their tax returns to the California Secretary of State’s Office, which in turn must post the documents online.

“As soon as that new process is put in place, we’ll do what the law requires,” Newsom spokesman Nathan Click said.

Newsom has previously allowed reporters to review his tax returns from 2010 on.

In addition to placing his businesses in a blind trust when he took office, Newsom also issued an executive order forbidding state executive branch agencies from doing business with PlumpJack Group, the hospitality company he founded.

Newsom family friend Shyla Hendrickson manages Newsom’s blind trust and is legally barred from informing Newsom about businesses in the trust. In the tax returns, the individual businesses in the trust are not identified by name.