Gov. Gavin Newsom says his office will prepare tax returns for 2021 through 2025 after reports surfaced that his family is under federal investigation tied to taxes and business income, but questions about past transparency and how the Newsoms afford an expensive lifestyle remain unresolved.
Newsom’s spokesperson announced the office is “working to prepare” those returns and emphasized, “unlike Donald Trump, the Governor has nothing to hide.” That line is meant to draw a contrast, but promises and practice haven’t lined up in the past, creating skepticism among voters and journalists alike.
When Newsom first ran statewide he pledged to release full tax returns every year, yet he has not kept that promise consistently. He released returns covering 2017 through 2020 during the 2022 cycle to meet California candidate rules, but the public has not seen comprehensive returns since then, leaving gaps people want explained.
The administration points to annual public disclosures on Form 700 as proof of transparency, but those documents only show income ranges and lack the detail the public expects. Claiming to have “released every tax return that had been filed while he was a candidate for statewide office, covering 2015 through his 2022 re-election” does not address missing full returns for later years or clarify extensions that postponed disclosures.
“The Governor and First Partner publicly disclose their income annually. They have released every tax return that had been filed while he was a candidate for statewide office, covering 2015 through his 2022 re-election.”
Historically, Newsom allowed limited in-person reviews of his tax returns by select reporters, with strict controls that prevented copying. In 2017 and 2018, only basic figures were shared publicly, and even in 2021 journalists had to reproduce pages by hand because the returns were long and complex.
Those controlled reviews produced some numbers: total income, taxes paid, household employee costs, and charitable giving. But piecemeal disclosures do not replace full, original returns released to the public, especially when major real estate moves and mortgage payments are in play.
A big point of interest is Jennifer Siebel Newsom’s purchase of a $9.1 million Marin County home in November 2024 through an LLC, followed by a $6.5 million mortgage in February 2025. Annual mortgage payments for that loan and another residential mortgage add up to more than $500,000, which raises straightforward questions about income sources and timing.
Financial reviewers found that the Newsoms’ average reported total income from 2010 through 2020 was about $1.4 million per year, with some years bolstered by asset sales. Much of the couple’s wealth appears tied to wine investments and related assets held in a blind trust, which complicates public assessment of their finances.
Wine-related assets reportedly compose more than 85 percent of the governor’s holdings, and dividends from 2010 to 2020 remained relatively steady rather than showing a surge that would clearly fund recent high-dollar purchases. Given the wine industry’s weaker performance after 2020, those holdings don’t straightforwardly explain dramatic increases in liquidity.
Past reporting also noted significant gains from trading silver; one year showed nearly $500,000 from metal trading. These episodic transactions can change annual totals, but they do not establish a consistent, obvious path to sustaining a multimillion-dollar real estate transaction and six-figure annual mortgage obligations.
Questions about timing are particularly relevant. The Marin purchase occurred shortly after the deed was transferred without encumbrance, and the mortgage appeared months later. Observers want to know whether loans, gifts, asset sales, or other means provided the funds, and whether those moves were reflected properly in tax filings.
Newsom’s office has not said whether the returns they plan to prepare will be original filings or amended versions, and no timeline has been provided for public release. That lack of detail fuels skepticism about whether the disclosure will be meaningful or merely symbolic.
https://x.com/jenvanlaar/status/2066602188278010218
Tax returns, by nature, can be complex. But when public officials make promises about transparency, people expect something clear, searchable, and complete. Limited, controlled disclosures where reporters can’t copy records fall short of that standard and leave open the perception that details are being managed rather than fully shared.
In the absence of full returns covering recent years, the combination of high-priced real estate, large mortgage payments, and assets held in blind trusts invites scrutiny. Voters and watchdogs will want documentation showing how payments were funded and whether all relevant income was reported accurately.
The administration’s effort to assemble returns for 2021 to 2025 will be judged on substance, timing, and completeness, not on a single line comparing the governor to another public figure. For now, the announcement answers little and raises many more specific, evidence-based questions that should be addressed with full, original tax documents and clear explanations from the governor’s office.
I discussed these concerns with Liz Wheeler of The Blaze earlier this week — the interview explores the transparency issues and financial questions that keep surfacing around this administration.
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