California gubernatorial candidates’ salaries revealed

There are 10 candidates running to replace term-limited California Governor Gavin Newsom, and while the polls may suggest one story, their tax returns paint a very different picture of who’s leading.

Of those 10, one and his spouse reported a staggering $39 million in annual income — more than the entire field combined, according to CalMatters.

At the top of the list by a large margin is billionaire Democrat Tom Steyer, whose wealth far exceeds that of all the major candidates combined.

In 2024, Steyer and his wife Kat Taylor reported an estimated net worth of $39 million, driven largely by returns on international investments, according to the couple’s tax filings.

Their income also includes millions in income earned overseas, small amounts in earnings, and income from their cattle ranch.

They paid about $5.4 million in federal taxes that year, although their earnings have fluctuated widely in recent years depending on market performance.

Steyer’s platform focuses on lowering the cost of living, including increasing affordable housing, taking away monopolies, promoting clean energy jobs, and raising corporate taxes.

He made his fortune as the founder of Farallon Capital Management, which he ran for nearly 27 years before retiring in 2012.

Behind Steyer is Republican Steve Hilton, who reported $7.5 million in 2024. Most of it comes from his wife Rachel Whetstone’s management role at Netflix, as well as a small income from media work, rental properties in London and investments. The couple paid about $2.8 million in federal taxes.

Hilton also earned about $250,000 from Fox News, where she served as an anchor before leaving to run for governor.

The British-American striker has led in at least one election and has raised more money in the field than Steyer.

Democrat Antonio Villaraigosa reported $1.4 million in 2024, mostly through consulting with Actum, a global company, and his company, in addition to a $125,000 public pension from his time as mayor of Los Angeles.

He paid about $462,000 in federal taxes and is the only senior candidate to file separately from his spouse.

Among middle-class earners, Democrat Xavier Becerra reported about $490,000 in 2024, including his state salary and rental income. His family paid about $116,000 in federal taxes.

Democratic Eric Swalwell reported $461,000, which includes his congressional salary and his wife’s consulting income — she earned about $247,000 — and the couple paid about $83,000 in taxes.

At the end of the 2024 filing, Democrat Betty Yee reported $211,000, mostly in pensions and Social Security, with about $24,000 paid in federal taxes.

Not all candidates have submitted their latest returns. So far, only four people have filed their 2025 tax returns, which show the most recent income figures.

Republican Riverside County Sheriff Chad Bianco reported $590,000 in income with an estimated $127,000 in state taxes. San Jose Mayor Matt Mahan reported $507,000 and paid about $99,000.

Democrat Tony Thurmond reported $309,000 in combined household income and paid about $52,000, while Democrat Katie Porter reported $300,000, mostly from her tuition, and paid about $58,000 in taxes.

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