Newsweek58%
Gavin Newsom Just Shared Tax Returns—Net Worth Compared to Other Governors 14%
By Andrew Stanton25%
7/31/2026, 1:35:18 PM
BS Summary: This article contains 25 faulty reasoning types, including Negativity Bias, Ambiguity (Equivocation), and Self-Serving Bias, with Appeal to Authority as the most egregious example at 19.3% saturation with 190 hits. Analysis detected 1,089 faulty-reasoning hits from 984 analyzed words, generating a BS Score of 25.4% and a BS Rank of 14% (22,231 of 25,749 articles). This article is better (less manipulative) than 86.30% of the article peer group.
California Governor Gavin Newsom on Friday released more than 700 pages of tax returns spanning four years as his finances remain under scrutiny from President Donald Trump’s Department of Justice.
Newsom, a Democrat, announced in June that he was under investigation by the DOJ and that federal agents had been seeking documents and records.
He framed the move as retaliation tied to his potential presidential ambitions, and one of the investigations centers on Newsom’s wife, Jennifer Siebel Newsom, and her taxes.
*Newsweek* reached out to Newsom’s team for comment via email.
What Tax Returns Reveal About Gavin Newsom's Finances
The tax returns revealed that Newsom and his wife made between $1.7 million and $2 million annually from 2022 through 2024 and that they paid about half a million each year in taxes.
Tax returns for 2025 were not released because the couple filed for an extension.
That indicates that little has changed since he became governor in 2019, when they reported an annual income of $1.7 million.
In 2021, they sold a home for nearly $6 million, making about $800,000; that year, they made $4.2 million and paid over $1 million in taxes.
They also earned about $2 million in 2022.
The California governor receives a salary of $245,929 as of 2025; the office receives an annual raise, and the salary was 209,747 when he took office, according to the California Department of Human Resources.
Much of his income, however, comes from businesses he managed before becoming governor.
Prior to entering politics, Newsom founded the PlumpJack Group alongside his friend Gordon Getty, which would eventually manage more than 20 businesses including wineries, liquor stores, bars and restaurants.
After being elected governor, Newsom said he would put the business in a blind trust.
The company is now run by his sister and cousin.
Jennifer Siebel Newsom, meanwhile, reported that she lost money from her production company, Girls Club Entertainment.
Gavin Newsom's Net Worth
Newsom’s precise net worth has not been made public, but estimates from Finance Monthly have put it around $30 million.
His net worth includes the portfolio from the PlumpJack Group, as well as his real estate properties.
Newsom bought a $9 million home in 2024 outside of San Francisco, The San Francisco Standard reported.
He also owns a home near Sacramento that he purchased for $3.7 million in 2019.
Several other governors have higher estimated net worths.
Illinois Governor JB Pritzker is seen as the wealthiest governor, with an estimated net worth of $3.9 billion, according to *Forbes*.
Several other governors are estimated to have a net worth of more than $100 million.
That includes Democratic Colorado Governor Jared Polis, who has an estimated net worth of $400 million, per *The Denver Gazette*.
Connecticut Governor Ned Lamont is viewed as among the wealthier governors, having reported an income of $54 million in 2022, according to CT Mirror.
His wife, Annie Lamont, has a net worth of $650 million, according to *Forbes*.
Other governors have a more modest net worth.
Governor Josh Shapiro of Pennsylvania, viewed as a potential 2028 presidential candidate, has an estimated net worth of around $100,000, according to Celebrity Net Worth.
Bridge Michigan reported in 2024 that Michigan Governor Gretchen Whitmer was worth around $2.3 million.
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BS News reported that Florida GOP Governor Ron DeSantis has a net worth of around $2 million.
Gavin Newsom Investigation: Why Trump DOJ Is Probing California Governor
The release of Newsom’s tax returns comes more than a month after the governor first confirmed that he is under investigation.
On June 15, Newsom said federal agents in recent days have visited the homes of family members, friends and former employees seeking documents and records.
He said Trump is “coming after me because I am considering running for President,” while portraying the investigation as politically motivated and unprecedented.
A source familiar with the situation previously told *Newsweek* that several investigations have been ongoing for about a year.
The investigations originated in California from whistleblowers and local sources.
They are being run through the U.S.
Attorney’s Office in Sacramento.
One of the investigations deals with Newsom’s wife and her taxes.
Another deals with a former chief of staff and potentially current staffers, but more details about the scope of that investigation remained private.
Newsom said the DOJ investigation also involves his wife, Jennifer, but the nature of the alleged probe is unclear.
He said the DOJ is “abusing the grand jury process” in its demands for records.
Newsom Is Potential 2028 Candidate
The California governor has also been frequently named as a potential candidate for Democrats in the 2028 presidential race, though he has not formally said he plans to run.
The latest polls show Newsom as a leading candidate among the potential field.
A McLaughlin & Associates poll, which surveyed 472 likely voters from July 15-21, showed former Vice President Kamala Harris leading with 28 percent, but Newsom followed at 17 percent.
New York Representative Alexandria Ocasio-Cortez followed at 10 percent, while 8 percent said they would vote for former Transportation Secretary Pete Buttigieg.
An Emerson College poll showed Buttigieg leading at 19 percent, while Newsom followed at 17 percent.
Ocasio-Cortez and Georgia Senator Jon Ossoff received 13 percent support, while Harris received 8 percent in that poll.
It surveyed 574 likely voters from July 19-20, 2026.
Newsom told reporters earlier in July that whether he joins the race would be determined by “fate.”
“I really believe it’s fate,” he said.
“You meet the moment, you represent something where you can uniquely and distinctively make the case that your voice matters in a competitive field where there will be stadiums full of Democrats.
Every conceivable stripe of Democrat will be on display.”
*This article includes reporting by the Associated Press.
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*Contact Newsweek editors on this story: Gabe Whisnant and Sam Wilson.
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