A Governor Under Pressure

California Governor Gavin Newsom has pledged to publicly release all his tax returns from his time in office — a dramatic move that comes amid an escalating Department of Justice investigation into his family’s finances. The renewed focus on Gavin Newsom tax returns marks a significant turn in a probe that has put both the governor and his wife under intense federal scrutiny.

Newsom’s office confirmed on Friday that it is “working to prepare” the returns covering his current term, even as federal officials reportedly examine the finances of his wife, Jennifer Siebel Newsom, and others close to him.

A Promise Years in the Making

The pledge carries added weight because Newsom has been here before. During his 2018 campaign for governor, he promised to release annual tax returns, framing it as a “moral duty” — widely seen as a jab at President Donald Trump, who broke long-standing tradition by declining to voluntarily release his own returns.

Yet despite that promise, Newsom — a former wine entrepreneur and now a presidential aspirant — stopped posting his returns after his 2022 reelection. His most recent release covered the 2020 tax year, made public more than four years ago.

What Newsom’s Office Says

Responding to the renewed attention, Newsom’s spokesperson Tara Gallegos sought to emphasize the couple’s track record on disclosure. She noted that the governor and his wife publicly disclose their income annually and have released every tax return filed while he was a candidate for statewide office, covering 2015 through his 2022 reelection.

“We are working to prepare the remaining returns for transparency,” Gallegos said, adding pointedly: “Unlike Donald Trump, the Governor has nothing to hide.”

Notably, however, the office did not provide a timeline for when the disclosures would actually be released.

A History of Delays

This isn’t the first time questions have been raised about the missing returns. When Calmatters asked about them in 2024, spokesperson Nathan Click claimed they would eventually be provided to reporters “in a controlled setting” — a release that never materialized.

Critics have seized on the delay. Caitlin Sutherland, executive director of Americans for Public Trust, called Newsom’s lack of transparency “unsurprising and deeply hypocritical,” noting that he made a big deal of promising to release his returns but failed to turn over any for years. She argued the situation raises significant questions about what the Newsoms might be hiding, particularly given the ongoing federal investigation.

A Closer Look at the Family Fortune

At the center of the scrutiny is the Newsoms’ considerable wealth, which has drawn attention since reports emerged this week that Siebel Newsom’s taxes are a focus of multiple federal probes.

The family’s holdings are substantial and include:

• A $9 million estate in upscale Marin County
• A $3.7 million home in Fair Oaks
• A sprawling wine empire

According to Newsom’s 2020 tax return, the couple earned about $1.5 million in income and paid $480,000 in taxes that year. To purchase their estate in Kentfield, about 20 minutes north of San Francisco, the pair took out a hefty $6.5 million mortgage through an LLC created by Siebel Newsom. According to CalMatters, no entities outside the family provided financial help.

Sources of Income

The Newsoms draw income from a range of sources. Newsom earns a $246,000 salary as governor, while Siebel Newsom has paid herself between $150,000 and $300,000 annually through her gender justice nonprofit, the Representation Project, and a for-profit documentary company called Girls Club Entertainment.

Newsom’s broader business interests are extensive, spanning the wine and hospitality industries. His holdings include the luxury wine shop PlumpJack, along with various wineries and distribution businesses, according to his annual economic disclosures. He got his start with help from billionaire oil heir Gordon Getty and was already worth millions by the time he ran for mayor of San Francisco.

Additional income includes $100,000 in book royalties and fees from his memoir, “Young Man in a Hurry.” Siebel Newsom, who comes from a wealthy Republican family in Marin County, also holds a blind trust worth over $1 million, according to disclosures.

The Investigation Widens

The probe appears to reach well beyond the couple themselves. In a video posted Monday, Newsom said federal investigators had “knocked on the doors of family, friends, and former employees” for political reasons — a notable comment as he weighs a potential run for president in 2028.

According to a source, the US Attorney’s Office in the Eastern District of California is specifically examining allegations brought by California whistleblowers regarding Siebel Newsom’s taxes. The investigation also reportedly involves his former chief of staff, Dana Williamson, and potentially current staffers.

The Newsoms Fire Back

The governor and his wife have framed the investigation as politically motivated. Siebel Newsom issued a pointed statement directed at the president, saying there are “clearly no boundaries to what Donald Trump will do to get his way or to challenge those who get in his way.”

She added that such conduct “is not presidential behavior,” vowing that she and the governor would continue to “speak truth to power because the American people deserve so much more.”

What Comes Next

With the tax returns still in preparation and no firm release date in sight, the pressure on Newsom is unlikely to ease soon. The combination of a long-delayed transparency promise and an active federal investigation has created a politically charged moment — one that could carry significant implications as the governor contemplates a future presidential bid.

For now, all eyes remain on whether Newsom will follow through on his pledge, and what the eventual disclosures might reveal.