(UnitedReader.com) – Politics is hardly a way to get rich unless there’s corruption involved. Of course, some people are business owners before jumping into the world of politics, which can often hurt or improve their earnings. As for California Governor Gavin Newsom and his wife, they made millions in 2020 alone.
California Gov. Newsom and wife earned $1.5 million in 2020 https://t.co/2H89bzI8ic
— MSN (@MSN) March 23, 2022
Democratic Governor Newsom and his wife paid around $480,000 in taxes after making $1.5 million in 2020, a bit less than 2019, when the couple made $1.7 million. In 2020, the governor made around $201,000 for his role as the state’s leader. Much of his other income came from a plethora of restaurants and wineries, which he put in a blind trust. Due to the trust, it’s difficult to know which businesses made money and which ones lost it.
Newsom’s wife, Jennifer Siebel Newsom, works as a documentary filmmaker. Records indicate the couple brought in $1 million from businesses and partnerships, had over $440,000 in compensation, and made $130,000 in capital gains. Newsom was also granted $20,000 in advance for his children’s book on dyslexia, a condition he’s suffered from since he was a child. The couple also reported they received around $30,000 in charitable gifts. They deducted $10,000 for business expenses, around $50,000 for corporate and partnership losses, and $285,000 in rent and royalties.
Newsom’s tax return was released under a California state law that Newsom signed in 2019 that requires election officials to publish tax returns of the state’s gubernatorial candidates. Should politicians be able to make so much money, or might their business holdings affect their sense of honor and judgment when it comes to public policy?
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