Overview
- Reporters were allowed to view 718 pages of the Newsoms’ 2021–2024 federal returns in Sacramento on Friday but were barred from making copies, photographing documents, or using devices and limited to handwritten notes.
- The filings show steady multimillion‑dollar annual income from 2022 through 2024 and a large 2021 spike tied to the sale of a Marin County home, producing roughly $1.4–$2 million per year after the 2021 jump.
- The bulk of the couple’s earnings come from investments in wineries, restaurants and hospitality holdings placed in a blind trust, supplemented by Newsom’s gubernatorial salary and author royalties and by steady wages for Jennifer Siebel Newsom from her nonprofit.
- The returns show much higher combined federal and state tax payments in 2021 than in later years and record losses or minimal income for Siebel Newsom’s Girls Club Entertainment in most years, details that relate to reported federal inquiries into the family.
- Critics fault the limited, invitation‑only format as falling short of full transparency and the disclosure could sharpen public and political scrutiny as the Justice Department probe remains undeclared in detail and the Newsoms’ 2025 return is pending an IRS extension.