California Governor Gavin Newsom has pledged to release all of his tax returns amidst significant developments related to a Justice Department investigation involving his family’s finances.
On Friday, his office disclosed that federal authorities are looking into the financial dealings of Newsom’s wife, Jennifer Siebel, as well as individuals connected to the governor. They are currently “working to prepare” Newsom’s tax returns for his ongoing term, but no specific release date was provided.
During his 2018 campaign, Newsom promised to make his annual tax returns public, calling it a “moral obligation.” This promise seemed to be a critique of then-President Donald Trump, who had notably not released his own tax returns.
However, since his re-election in 2022, there has been an unexplained delay in this area, with his last tax details from 2020 being disclosed over four years ago.
Newsom’s spokesperson, Tara Gallegos, stated that “The Governor and First Partner publish his income annually,” mentioning that they have released all tax returns from his candidacy for statewide office from 2015 to 2022.
She also emphasized, “We are committed to ensuring transparency. Unlike Donald Trump, the governor has nothing to hide.” Nevertheless, there was no timeline provided for when these tax disclosures might happen.
When asked about his tax returns, a spokesperson for Newsom previously said that they would eventually be available to reporters “in a controlled environment.”
Caitlin Sutherland, executive director of Americans for Public Trust, criticized Newsom for his perceived lack of transparency, pointing out the years since he filed his tax returns despite his initial commitments.
There’s growing scrutiny over the Newsom family’s wealth, which includes a $9 million mansion in Marin County and a $3.7 million property in Fair Oaks, especially in light of the federal investigation focusing on Siebel Newsom’s taxes.
According to Newsom’s 2020 tax return, the couple’s income was around $1.5 million, with taxes amounting to $480,000.
They also took out a substantial $6.5 million mortgage through an LLC established by Siebel Newsom to purchase the Kentfield property, without outside financial help, as reported by CalMatters.
While Newsom’s governor salary is $246,000, Siebel Newsom earns between $150,000 and $300,000 annually through her nonprofit, the Representation Project, and her documentary company, Girls Club Entertainment.
Newsom also received $100,000 in royalties for his memoir, “Youth in a Hurry.” Siebel Newsom, from a wealthy family, maintains a blind trust worth over $1 million per financial disclosures.
In a video statement, Newsom mentioned that the federal inquiries have “knocked on the doors of my family, friends and former employees” for what he suggests are politically motivated reasons as he contemplates a run for president in 2028.
The U.S. Attorney’s Office in California is investigating claims made by whistleblowers regarding Siebel Newsom’s taxes, which may also involve former and current staff members.
Siebel Newsom remarked on the political nature of the investigations, stating, “There are clearly no boundaries to what Donald Trump will do.” She asserted that both she and the governor would continue to speak out against unjust actions, emphasizing the need for greater integrity.
