California Democratic Gov. Gavin Newsom and his wife earned nearly $ 1.5 million in 2020 and paid about $ 480,000 in taxes, down from $ 1.7 million in income that the couple reported in 2019 in their first year as governor, records show. which was published on Tuesday.
The couple’s joint federal tax return showed they paid a tax rate of around 32%.
Newsom earned about $ 201,000 as governor in 2020, but most of his income comes from winery and restaurant businesses, which he blindly trusted when he became governor. As a result of the trust, it is not clear in the documents which companies have won or lost money that year.
His wife, Jennifer Siebel Newsom, is a documentary filmmaker.
The records show that the couple earned over $ 1 million from business units and partnerships, had nearly $ 130,000 in capital gains and over $ 440,000 in compensation.
Their deductions included about $ 10,000 in business expenses, $ 285,000 in rental and royalty expenses and nearly $ 50,000 in business and partnership losses.
Newsom also received an advance of $ 20,000 on a children’s book he wrote about dyslexia. The fee is paid for an illustrator, while the rest of the advance and any proceeds go to charity.
They reported nearly $ 30,000 in charitable donations.
The return was released under a 2019 state law signed by Newsom that requires state election officials to publish tax returns for candidates running for governor.
Blood reported from Los Angeles.