California Gov. Newsom and wife earned $1.5 million in 2020
Tax records show California Democratic Gov. Gavin Newsom and his wife earned nearly $1.5 million in 2020 and paid about $480,000 in taxes
California Democratic Gov. Gavin Newsom and his wife earned nearly $1.5 million in 2020 and paid about $480,000 in taxes, down from $1.7 million in income the couple reported in 2019 in his first year as governor, records released Tuesday showed.
The couple’s joint federal tax return showed they paid a tax rate of about 32%.
Newsom earned about $201,000 as governor in 2020, but most of his income comes from winery and restaurant businesses that he put in a blind trust when he became governor. As a result of the trust, it’s not clear in the documents what businesses gained or lost money that year.
His wife, Jennifer Siebel Newsom, is a documentary filmmaker.
The records show the couple earned over $1 million from business entities and partnerships, had nearly $130,000 in capital gains and over $440,000 in compensation.
Their deductions included about $10,000 in business expenses, $285,000 in rent and royalty expenses and nearly $50,000 in corporate and partnership losses.
Newsom also picked up a $20,000 advance on a children’s book he wrote about dyslexia. The fee paid for an illustrator, with the remainder of the advance and any proceeds going to charity.
They reported nearly $30,000 in charitable gifts.
The return was released under a 2019 state law, signed by Newsom, that requires state election officials to publish the tax returns for candidates running for governor.
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Blood reported from Los Angeles.