Newsom Pledges to Release Tax Returns He Withheld for Years, as DOJ Probes Family Finances

Since Newsom's former chief of staff Dana Williamson pleaded guilty in May 2026 in a corruption scandal, federal scrutiny of the governor's broader circle has intensified, setting the stage for this week's developments.

Newsom's spokesperson Tara Gallegos confirmed Friday that the office is actively preparing tax returns covering his full term as governor. His last public release covered tax year 2020, filed more than four years ago, according to the NY Post. Returns for 2021, 2022, 2023, and 2024 have not been made public. Gallegos offered no timeline for the disclosures.

According to CalMatters, there are at least two active criminal investigations connected to the governor's circle: one focused on first partner Jennifer Siebel Newsom's taxes, and a separate one tied to Williamson. CalMatters cites a person in the federal Justice Department familiar with the probe. Neither Newsom nor his wife has received a subpoena, but his office told CalMatters it believes federal agents have issued subpoenas for financial records of businesses associated with the couple.

Newsom's hospitality company PlumpJack — a wine and hotel operation — was placed in a blind trust before he took office as governor. Siebel Newsom leads two nonprofits: the California Partners Project and the Representation Project. The couple's disclosed assets include a $9.1 million Marin County estate and a $3.7 million home in Fair Oaks, according to the NY Post.

What Newsom Is Saying

In a video statement earlier this week, Newsom accused the DOJ of conducting what he called a baseless investigation, saying federal agents had knocked on the doors of family friends and former employees "not because they found a crime — because they are simply trying to find one." He called Trump "the most corrupt president in American history" and said he was "proud" to join the list of the president's political enemies, per CalMatters.

His office's framing is clear: the probe is politically motivated, timed to suppress a potential 2028 presidential campaign.

The Transparency Problem Newsom Owns

During his 2018 campaign, Newsom specifically called releasing tax returns a "moral duty," a direct shot at Trump. He released returns consistently through his 2022 reelection. Then he stopped with no public explanation, and his office deflected for years.

When CalMatters asked about the missing returns in 2024, spokesperson Nathan Click said at the time they would eventually be provided to reporters "in a controlled setting." That never happened, according to the NY Post.

Caitlin Sutherland, executive director of Americans for Public Trust, was direct: "Gavin Newsom's lack of transparency is unsurprising and deeply hypocritical. After making a big deal of promising to release his tax returns, he has failed to turn over any returns for years. This raises significant questions about just what the Newsoms are hiding, especially as they are under federal investigation."

The Strongest Defense

On the substance, Newsom has not been charged with anything. The corruption case against Williamson has explicitly not implicated Newsom, according to CalMatters. Blind trusts exist precisely to create separation between elected officials and their business interests, and PlumpJack was put into one before he took office. There is a legitimate argument that a DOJ investigation launched by a political opponent — targeting someone who has publicly floated a presidential run — warrants skepticism about prosecutorial motive. Investigations can be used as political tools, and the pattern of agents knocking on associates' doors without issuing subpoenas to the principal subjects is, at minimum, an unconventional investigative approach.

Yet this does not explain why Newsom stopped releasing returns in 2021. Those are two separate issues, and conflating them benefits the governor.

What Happens Next

Newsoms' office gave no specific date for releasing the returns. If they are released before a potential indictment or subpoena of either Newsom, the disclosure will be used by his camp as proof of transparency. If they are released after, the timing will look reactive — which it already does.

The unresolved question is whether federal investigators will move beyond the business-records subpoenas to the principals themselves. According to CalMatters' DOJ source, neither governor nor first partner has received a subpoena as of this reporting. That gap between investigating someone's associates and subpoenaing the person directly is where the probe currently sits, and how quickly it closes — or doesn't — will determine whether Newsom's political calculus holds.