Here’s how much California Governor Newsom and his wife earned in 2020 – NBC Los Angeles
California Democratic Governor Gavin Newsom and his wife earned nearly $1.5 million in 2020 and paid about $480,000 in taxes, compared to $1.7 million in income the couple reported in 2019 during his first year as governor, according to documents released Tuesday.
The couple’s joint federal tax return showed they paid a tax rate of about 32%.
Newsom earned around $201,000 as governor in 2020, but most of his income comes from wineries and restaurant businesses he placed in blind trust when he became governor. Because of the trust, the documents do not clearly state what the companies made or lost money that year.
His wife, Jennifer Siebel Newsom, is a documentary filmmaker.
Records show the couple earned more than $1 million from business entities and partnerships, realized nearly $130,000 in capital gains and more than $440,000 in compensation.
Their deductions included approximately $10,000 in business expenses, $285,000 in rent and royalty expenses, and nearly $50,000 in business and partnership losses.
Newsom also received a $20,000 advance on a children’s book he wrote about dyslexia, a condition he has suffered from since childhood that can make reading more difficult. Fees paid for an illustrator, the remainder of the advance, and any proceeds going to charity.
They brought in nearly $30,000 in charitable donations.
The return was released under a 2019 state law, signed by Newsom, that requires state election officials to release the tax returns of gubernatorial candidates.
The release of the information on the secretary of state’s website comes as the governor prepares for a re-election campaign in which he faces little-known opposition. Newsom soundly beat a recall election last year that could have removed him from office.
The primary election is June 7.
The numbers represent what the Newsoms earned in the first year of the pandemic, which saw businesses and schools closed across California.
Newsom owns the PlumpJack Group, which includes a suite of wineries and restaurants.