By MICHAEL R. BLOOD – Associated Press
SACRAMENTO (AP) — Democratic California Gov. Gavin Newsom and his wife made nearly $1.5 million in 2020 and paid about $480,000 in taxes, compared to an income of $1.7 million Dollar the pair reported in their first year as governors in 2019, records released Tuesday showed.
The couple’s joint federal tax return showed that they paid a tax rate of about 32%.
Newsom made about $201,000 as governor in 2020, but most of his income comes from wineries and restaurant operations, which he trusted blindly when he became governor. Because of the trust, the documents don’t make it clear which companies made or lost money this year.
His wife, Jennifer Siebel Newsom, is a documentary filmmaker.
Records show the couple earned over $1 million from business entities and partnerships, had nearly $130,000 in capital gains and over $440,000 in compensation.
Her deductions included approximately $10,000 in business expenses, $285,000 in rent and royalties, and nearly $50,000 in corporate and partnership losses.
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Newsom also received a $20,000 advance for a children’s book he wrote about dyslexia, a condition he has had since childhood that can make reading difficult. The fee paid for an illustrator, with the remainder of the advance and any proceeds going to charity.
They reported nearly $30,000 in charitable donations.
The tax return was released as part of a 2019 state law signed by Newsom that requires state election officials to release the tax returns for candidates running for governor.
The release of the information on the Secretary of State’s website comes as the governor prepares for a re-election campaign in which he faces little-known opposition. Newsom defeated a recall election last year that could have removed him from office.
The primary is on June 7th.
The numbers represent what the Newsoms earned in the first year of the pandemic, which has seen businesses and schools shut down across California.
Newsom owns the PlumpJack Group, which includes a number of wineries and restaurants.
Blood reported from Los Angeles.
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