Governor Newsom Makes His Tax Returns Public
Sacramento, CA — California Governor Gavin Newsom, and his wife, had a slight drop in income in 2020, reporting $1.5-million on their tax returns.
They paid $480,000 in taxes and the federal tax rate was 32-percent.
In 2019, the couple reported $1.7-million in earnings. Newsom’s pay as Governor is just over $200,000. He also owns wineries and restaurants, which he says were put in a blind trust when he became governor, and wife Jennifer Siebel is a documentary filmmaker.
The records were released as part of a state law passed in 2019, signed by Newsom, that requires candidates for Governor to disclose tax returns.
Breaking down the numbers, the Associated Press reports that in 2020 the couple earned $1-million from business entities and partnerships, $130,000 in capital gains and $440,000 in compensation. They deducted $10,000 in business expenses, $285,000 in rent and $50,000 in corporate/partnership losses.