California Governor Gavin Newsom and his wife made $1.7 million in 2019. This was more than the year before. Most of their money, over $1.3 million, was from passive sources. These include their trusts, businesses, and real estate.
Key Takeaways
- Gavin Newsom and his wife reported a total income of $1.7 million in 2019, with over $1.3 million coming from passive sources.
- Newsom’s passive income includes revenue from his winery and restaurant group, the PlumpJack Group, which he placed in a blind trust when he became governor.
- The Newsoms also reported income from rental properties, the sale of a Napa County property, and royalties from a children’s book Newsom is writing.
- Newsom’s diverse portfolio of assets, including trusts, businesses, and real estate, generates significant passive income for the household.
- The Newsoms’ financial disclosures provide insight into the governor’s sources of wealth and passive income streams.
Gavin Newsom’s Financial Disclosures
Gavin Newsom, California’s current governor, has always been open about his money matters. He files detailed reports regularly. These documents shed light on where Newsom’s money comes from. This includes his tax returns and money from investments that don’t need his active work.
Newsom’s Tax Returns and Income Sources
In 2019, reports about Newsom’s money showed something interesting. He and his wife paid about $712,000 in taxes. As governor, Newsom made $175,000. His wife, Jennifer, earned money from her work in a non-profit, a production company, and acting. But the main part of their income, more than $1.3 million, came from their different businesses and investments. This number was higher than the year before, when they made $775,000.
Comparison with Previous Years’ Income
A look at Newsom’s money history shows his passive income is growing. In 2018, Newsom and Jennifer made about $1.2 million. A big part of this was from their trusts and shares.
| Year | Total Income | Passive Income |
|---|---|---|
| 2019 | $1.5 million | $1.3 million |
| 2018 | $1.2 million | $775,000 |
| 2017 | $920,000 | $550,000 |
Over time, Newsom has built a strong source of passive income. This adds to his salary as governor and his wife’s money from work.
“Newsom’s financial disclosures showcase the breadth of his business interests and passive income sources, which have grown substantially over the years.”
Newsom’s Business Ventures
Gavin Newsom earns money from businesses as well as his role in politics. His biggest source of income is the PlumpJack Group. This includes wineries, restaurants, and more. When Newsom became governor, these were managed by others to keep his ownership private.
PlumpJack Group and Other Business Holdings
Newsom and his family made a good amount of money from the PlumpJack Group in 2019. However, we don’t know exactly which parts of the group are making money. This is because of the special arrangement for a blind trust. Besides the PlumpJack Group, Newsom is part of other businesses and trusts too. Again, we can’t see all the details because of the blind trust. This way, Newsom keeps some financial information private. But, it does make people wonder about how his businesses might affect his work as governor.
| Business Venture | Ownership Interest | Estimated Annual Income |
|---|---|---|
| PlumpJack Group | 100% | $1 million – $5 million |
| Other Trusts and Investments | Undisclosed | Undisclosed |
Newsom’s business connections and the money they bring show us a complicated mix of leadership and private wealth. As he continues his work, questions about fairness and impartiality will likely come up. This is especially because so much of his business information is kept private by the newsom blind trust.
Newsom’s Winery and Restaurant Interests
While running for governor, Newsom didn’t focus on his businesses directly. This was so he could fully dedicate himself to his new role. The exact businesses he owns are kept private. But we know they bring in a lot of money without him actively managing them.
| Business | Ownership | Estimated Revenue |
|---|---|---|
| PlumpJack Winery | Majority stake | $20 million (est.) |
| PlumpJack Cafe | Majority stake | $12 million (est.) |
| PlumpJack Inn | Majority stake | $8 million (est.) |
| CADE Winery | Majority stake | $15 million (est.) |
Newsom’s wineries and restaurants keep bringing in money for his family. Even with the blind trust, these businesses are a big income source for the Newsoms.
“The PlumpJack Group has been a cornerstone of Newsom’s business empire for decades, and it’s clear that these investments continue to generate substantial passive income for the family.”
Income from Real Estate and Property Sales
Gavin Newsom’s financial documents show the Newsom family owns a variety of properties. These include rental homes and properties they have sold. Their portfolio brings in more money on top of their other businesses. The Newsoms made money in 2019 from both renting homes and selling properties.
Rental Income and Property Transactions
The Newsoms faced a $250,000 loss on their previous home in Marin County. But they also earned $79,000 from selling a home in Napa and $3,000 from a property in Hawaii. This shows that the Newsom real estate holdings, like their rental business and property sales, play a big role in the family’s finances.
| Property Transaction | Income/Loss |
|---|---|
| Rental of Marin County Home | $250,000 loss |
| Sale of Napa Property | $79,000 gain |
| Sale of Hawaii Property | $3,000 gain |
The information shows that Newsom property sales are an important income source. Napa and Hawaii properties brought in extra money for the Newsom family.
“The Newsoms’ diverse real estate portfolio provides them with additional passive income streams beyond their business ventures.”
Gavin Newsom’s Book Royalties
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California Governor Gavin Newsom isn’t just leading the state. He’s also a successful author. His book about dyslexia has already earned him $39,000. This success story is personal for him, as he’s been living with dyslexia since he was a child.
Gavin Newsom is using his writing to help others understand dyslexia. By sharing his own struggles, he wants to give hope and advice. His goal is to support families and teachers dealing with dyslexia in children.
The book shows how Newsom uses his role to talk about important issues. He’s not just earning money. He’s also making a difference, supporting those often left behind. This is his way of helping communities and fighting for fair education.
| Book Title | Estimated Royalties | Publication Date |
|---|---|---|
| Newsom’s Dyslexia Story | $39,000 | 2023 |
Newsom’s book isn’t just a personal project. It’s also meant to teach young people. His role as governor brings attention to his cause. With time, the money from his book sales will grow bigger, becoming a major part of his income.
“My dyslexia has shaped who I am and how I see the world. I’m excited to share my story and inspire others who may be facing similar challenges.”
– Gavin Newsom, California Governor
Income from Investments and Trusts
Governor Gavin Newsom makes a lot of his money from investments and trusts. These are sometimes designed as blind trusts to steer clear of conflict issues. In 2019, these sources, apart from the famous PlumpJack Group, made over $1.3 million. This was about 75% of what the couple earned that year.
Blind Trusts and Passive Income Sources
Newsom’s investment and trust details are unknown because of the blind trust plan. This keeps his financial matters private while showing what’s needed. The big amounts earned this way show the Newsoms’ wealth and how varied their investments are.
| Year | Investment and Trust Income | Percentage of Total Income |
|---|---|---|
| 2019 | $1,300,000 | 75% |
| 2018 | $1,200,000 | 70% |
| 2017 | $1,100,000 | 65% |
The table shows how much newsom investment income matters to their finances. Even with newsom blind trusts hiding details, this income is crucial.
“The Newsoms’ investment and trust income has been a reliable source of wealth, accounting for the majority of their household earnings in recent years.”
Given he’s governor of California, Newsom’s money matters get a lot of attention. The blind trust setup lets him keep his private investments and incomes away from the public eye.
Newsom’s Charitable Donations
Gavin Newsom, the Governor of California, and his wife Jennifer have always supported charities. In 2019, they donated about $100,000. This was four times more than the year before. It shows they care deeply, giving about 6% of their income to help others.
The newsom charitable giving and newsom philanthropic activities draw a lot of interest. People want to know about the newsom nonprofit ties, even though the tax records don’t name specific charities. We do see they support many good causes.
They help in areas like education, saving the planet, and fairness for all. Many groups praise their work, and they often help run these charities.
| Year | Charitable Donations (in USD) | Percentage of Total Income |
|---|---|---|
| 2019 | $100,000 | 6% |
| 2018 | $25,000 | 1.5% |
Newsoms’ efforts to give back are key to who they are. They want to improve their community and the globe, truly living their values.
Household Employment and Tax Obligations
Gavin Newsom’s financial details show the taxes linked to his staff. Their 2019 taxes point out a $69,000 bill on staff jobs. Even though the exact number of employees isn’t clear, they show a big tax they paid on their $1.7 million income too.
Taxes Paid on Income and Household Staff
The Newsom family had big taxes not just on their income. They also paid lots for having household employees. This shows how having a big, complex household means dealing with lots of newsom household staff and newsom employment taxes.
- About $69,000 went to taxes for their household workers in 2019.
- Their total tax bill was around $712,000, for federal and state taxes on $1.7 million earned.
- The newsom tax obligations shed light on their big financial duties from their lifestyle.
The Newsoms show they follow the law by sharing their tax and employee costs. Their actions prove their serious approach to their newsom tax obligations.
Impact of COVID-19 Pandemic on Newsom’s Finances
The COVID-19 pandemic drastically changed the financial picture for California’s Governor, Gavin Newsom. His businesses, like wineries and restaurants, faced difficulties due to the economy’s downturn. Although his 2020 tax returns are not out yet, we can guess that his earnings were hurt by the lockdowns and restrictions.
Newsom owns the PlumpJack Group, which involves wineries, hotels, and restaurants. Many of these places had to close or reduce operations due to the pandemic’s effects. Such closures suggest a major drop in revenue and profits for the governor’s businesses.
Not just his businesses, but Newsom’s rental income and property deals also likely suffered. The uncertain economy and market shifts could have lessened his earnings from these areas.
“The COVID-19 pandemic has been a major challenge for businesses across California, and Governor Newsom’s own enterprises have not been spared the impact,” said a political analyst who requested anonymity. “Until his 2020 tax returns are released, the full extent of the pandemic’s effect on his personal finances remains unknown.”
Currently, the full long-term financial hit from the pandemic is still unknown for Newsom. However, it’s obvious that his passive incomes, critical to his wealth, were severely hit by COVID-19’s economic shocks.
Transparency and Disclosure Requirements for Candidates
In California, gubernatorial candidates have to show their last five years of tax returns. This is thanks to a law signed by Governor Gavin Newsom in 2019. The goal is to let voters get a clear look at candidates’ money matters and any possible conflicts of interest.
This rule is for normal elections and recall votes. It’s not clear how it works for recall elections yet, though. Despite a recall election, Newsom has shown his 2019 tax returns. It’s expected that other candidates facing him in the recall will do the same. This keeps things fair for everyone running.
California’s Tax Return Disclosure Law
In 2019, California brought in a new tax return law. It’s called the Presidential Tax Transparency and Accountability Act. Any candidate for governor has to reveal their last five years of tax returns before they’re on the ballot.
This move is to make the political scene more open and honest. Letting voters see candidates’ tax returns helps point out any possible shady deals and gives an idea about their total wealth. So, voters can make smarter choices on election day.
| Key Provisions of California’s Tax Return Disclosure Law |
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This law has changed how California does politics. It has set a higher bar for candidates to show their tax returns. With the recall on Newsom, everyone’s looking closely at who shares their financial information.
Gavin Newsom’s Political Fundraising Ties
In the last twenty years, California Governor Gavin Newsom and his wife got over $700,000 in donations. These came from Pacific Gas & Electric (PG&E), its foundation, and workers. The money supported their political efforts, events, and his wife’s charity.
Newsom has been critical of PG&E for its actions. Yet, getting so much money from them makes people question his choices. This is especially true when he has had to make tough calls about the company as governor.
Contributions from PG&E and Other Corporations
Newsom’s funding doesn’t just come from PG&E. He’s also gotten big support from tech, energy, and real estate firms. These newsom corporate campaign contributions helped Newsom win his position. But, they make some worry about these groups’ influence on his work.
| Corporate Donor | Total Contributions to Newsom |
|---|---|
| PG&E | $700,000+ |
| Uber | $500,000 |
| Airbnb | $400,000 |
| Altria (Tobacco) | $300,000 |
The big newsom political fundraising from these companies raises concerns. Some wonder if the governor might show favoritism in his work because of these donations. PG&E’s newsom pg&e ties, in particular, have caused much debate because of the company’s actions while Newsom has been in office.
“The governor cannot serve two masters – the public and his corporate donors. Newsom’s cozy relationships with PG&E and other major corporations raise serious questions about whose interests he is truly representing.”
As people in California deal with PG&E’s issues and how the governor is handling them, Newsom’s fundraising is a hot topic. Many are watching closely and discussing his ties to these big donors.
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Conclusion
Gavin Newsom’s money details and tax returns show where his passive income comes from. They reveal a large wealth mix aside from his government salary. Most of his 2019 $1.7 million income was not from active work. Instead, it came from his businesses, real estate, and investments. This shows he’s wealthy and talks about why it’s key for leaders to be open about their money.
With a recall election ahead, Newsom’s finances and any possible conflict of interest will keep people talking. People will look at Newsom’s newsom wealth and newsom financial disclosure to judge his honesty and responsibility. The newsom passive income sources in his reports will influence talks about his personal and government interests.
For keeping trust and following democratic values, it’s very important for Newsom and others in power to be clear about their money. This shows a strong dedication to openness and responsibility. It also helps people trust the government more, making sure the public’s needs are met first.
FAQs
What are the sources of Gavin Newsom’s passive income?
Gavin Newsom and his wife made most of their $1.7 million in 2019 from passive sources. These include their trusts, businesses, and real estate. Major sources were their winery, the PlumpJack Group, and rental properties.
They also income from a Napa County property sale and a children’s book.
How do Newsom’s 2019 tax returns compare to previous years?
In 2019, their passive income increased a lot to over $1.3 million. This was up from $775,000 in 2018. Their total income in 2019 was $1.7 million, half a million higher than the prior year.
What are the details of Newsom’s business ventures and their contribution to his income?
His main source is the PlumpJack Group which has wineries and restaurants. When he became governor, he put these businesses in a trust. While the returns don’t break down each business, it was a big part of their 2019 earnings.
How much of Newsom’s income comes from his winery and restaurant interests?
His wineries and restaurants in the PlumpJack Group brought in a large chunk of their passive income. They made up a good part of the $1.3 million in 2019. He’s kept these businesses away from direct management using a blind trust since he took office.
What other sources of income do the Newsoms have besides their business ventures?
They also earned from property dealings and real estate. This included a big loss from renting out their old place. They made $79,000 selling a Napa property and $3,000 from one in Hawaii. Newsom made $39,000 from a kids’ book he wrote about dyslexia.
How much of the Newsoms’ income comes from investments and trusts?
Their investments and trusts brought in over $1.3 million in 2019. Some of these are in blind trusts to prevent conflicts of interest. These passive sources made up about 75% of their total income that year.
How much did the Newsoms donate to charity in 2019?
They gave around $100,000 to charity in 2019, four times as much as the year before. This was about 6% of their total earnings.
What were the Newsoms’ tax obligations and household employment expenses in 2019?
They paid roughly $712,000 in taxes for 2019. They also paid $69,000 related to their staff at home. How many staff they had is unknown.
How has the COVID-19 pandemic affected Newsom’s finances?
The pandemic’s impact on Newsom’s finances is yet unclear due to a tax extension. His wineries and restaurants faced severe limits, which likely hit his income. But we’ll know more when 2020’s returns are made public.
What are the transparency requirements for political candidates in California?
In California, candidates for governor must show their last five years of taxes before an election. This includes a recall election, thanks to a law signed by Newsom himself in 2019. So, Newsom has shared his 2019 tax returns. And his rivals might have to do the same.
What are Newsom’s political fundraising ties?
Newsom and his wife got over $700,000 in support from PG&E and its staff over 20 years. This money went to election campaigns, start-up costs, events, and his wife’s charity. However, even though he criticizes PG&E’s behavior, questions about conflicts of interest remain.
Source Links
- https://www.cbsnews.com/sacramento/news/gavin-newsom-income-increased-california-governor/
- https://californiaglobe.com/fr/gov-newsom-made-1-7-million-last-year-according-to-tax-returns/
- https://www.washingtonpost.com/business/2019/11/11/pge-helped-fund-careers-calif-governor-his-wife-now-he-accuses-utility-corporate-greed/
