Economics

Gov. Gavin Newsom Signs Bill on Presidential Tax Returns

Published

7 years ago

August 2, 2019

California’s Democratic governor signed a law Tuesday requiring presidential candidates to release their tax returns to appear on the state’s primary ballot, a move aimed squarely at Republican President Donald Trump.

Most of the major Democratic candidates for president have already publicly disclosed their personal income tax returns as Trump has refused to do so, breaking with decades of tradition by candidates from both parties.

The Trump campaign said the law signed by Newsom is “unconstitutional.” But even if the law withstands a likely legal challenge, Trump could avoid the requirement by choosing not to compete in California’s March 3rd primary.

The Republican National Committee does not require candidates to appear on primary ballots in all 50 states. With no credible GOP challenger at this point, Trump likely won’t need California’s delegates to win the Republican nomination. The law does not apply to the general election ballot.

Harmeet K. Dhillon, one of California’s two representatives on the Republican National Committee, called the bill an “illegal voter suppression scheme.” Removing Trump from the state’s primary ballot would likely depress turnout from GOP voters for down-ticket races and ballot measures, she said.

Newsom, who has repeatedly sparred with Trump over immigration policy and California’s troubled high-speed rail project, said the state’s influence as one of the world’s largest economies gives it “a special responsibility” to hold candidates to high ethical standards, including disclosing information about their personal finances.

“These are extraordinary times and states have a legal and moral duty to do everything in their power to ensure leaders seeking the highest offices meet minimal standards, and to restore public confidence,” Newsom wrote in his signing statement.

While states have authority over how candidates can access their ballots, the U.S. Constitution lays out a limited set of qualifications candidates must meet to run for president, said Rick Hasen, a professor specializing in election law at the University of California- Irvine School of Law. Those qualifications include requiring presidential candidates be over age 35, born in the U.S. and live at least 14 years in the country.

The U.S. Supreme court has previously halted state efforts to add ballot access rules for congressional candidates.

The bill’s author, Democratic Sen. Mike McGuire, said it would be “inconsistent” with past practice for Trump to forego the primary ballot and “ignore the most popular and vote-rich state in the nation.”

In a tweet to Trump, McGuire said: “If you want to be on the CA primary ballot, release your returns. It’s a low bar to hit, unless you have something to hide.”

Tax returns show income, charitable giving and business dealings, all of which Democratic state lawmakers say voters are entitled to know about.

California is the first state to enact legislation compelling political candidates to disclose their personal income tax returns. New York state has passed a law giving congressional committees access to Trump’s state tax returns, which Trump has challenged in court . Efforts to pry loose his tax returns have floundered in other states.

California’s first attempt to force presidential candidates to reveal their tax returns failed in 2017 when then-Gov. Jerry Brown, a Democrat, vetoed the law after raising questions about its constitutionality. Of the 18 state legislatures that introduced similar bills in 2019, 11 are still active, according to Dylan Lynch, a policy specialist at the National Conference of State Legislatures.

California’s law requires candidates to submit tax returns for the most recent five years to California’s Secretary of State at least 98 days before the primary. They will then be posed online for the public to view, with some personal information redacted.

The law also applies to candidates for governor. Newsom, who took office in January, released six years of his personal income tax returns prior to California’s 2018 gubernatorial primary.

Jack Pitney, a political science professor at Claremont McKenna College, said California’s new law will bring greater transparency but could deter some candidates with complex tax returns from running for governor.

“Even if the tax returns are completely lawful, there is plenty of material for opposition researchers,” he said.

Associated Press writer Zeke Miller in Washington contributed to this report.

Kathleen Ronayne and Adam Beam, AP

Posts by Kathleen Ronayne and Adam Beam, AP

Activism

Oakland Post: Week of March 18 – 24, 2026

The printed Weekly Edition of the Oakland Post: Week of March 18 – 24, 2026

Published

2 weeks ago

March 22, 2026

Oakland Post

To enlarge your view of this issue, use the slider, magnifying glass icon or full page icon in the lower right corner of the browser window.

Oakland Post

Posts by Oakland Post

Activism

Oakland Post: Week of March 11 -17, 2026

The printed Weekly Edition of the Oakland Post: Week of March 11 – 17, 2026

Published

3 weeks ago

March 17, 2026

Oakland Post

To enlarge your view of this issue, use the slider, magnifying glass icon or full page icon in the lower right corner of the browser window.

Oakland Post

Posts by Oakland Post

Advice

Women & Wealth: Tips for Navigating Your Lifelong Financial Journey

Published

3 weeks ago

March 15, 2026

Oakland Post

Sponsored by J.P. Morgan Wealth Management

We are in the midst of a seismic shift in wealth. This phenomenon, often referred to as the “Great Wealth Transfer,” describes the unprecedented movement of assets from the Baby Boomer generation to their heirs – an estimated $105 trillion by 2048. And women are poised to inherit most of this.

J.P. Morgan Wealth Management’s 2025 Investor Study found that women are not only set to receive significant wealth – they’re actively working to build it on their own. Ninety-three percent of women surveyed who are expecting an inheritance aren’t relying on it to reach their goals.

Here are a few tips for women to consider in their wealth-building journey:

Create a financial roadmap

A detailed, well thought out plan is important. J.P. Morgan’s study found that 90% of those surveyed with a plan feel confident about reaching their financial goals, compared to 49% without one.

Your plan should reflect your unique goals, priorities and circumstances. Consider your investment horizon and risk tolerance, and remember to revisit your plan regularly as life evolves.

Are you saving up for goals like buying a house, sending your kids off to college or retiring early? Where do you want to be in the next five, ten or twenty years? Everyone’s financial situation is unique, so it’s important to think about these questions and build a plan that is unique to your life.

Women tend to live longer than men on average. Many take career breaks or care for family members, which can influence long-term planning. It’s important to adjust your strategy with these factors in mind.

Where to start with investing

Don’t let misconceptions hold you back. Starting to invest doesn’t require a large sum, and beginning early can be beneficial. The earlier you start, the more time your money has to potentially grow over the years. Understand your overall financial situation, set clear goals and develop a long-term plan.

It’s important to also make sure you’re covered for unexpected expenses that come up before you start to invest. Build up a cash emergency fund, typically enough to cover three to six months of expenses, and pay down any high-interest debt.

Taking charge of your finances

The good news is that women are taking charge of their finances. J.P. Morgan’s research found that 75% of women respondents make financial decisions with their partner or take the lead themselves. For those who have a spouse or partner, it’s important for each person in the relationship to play an active role in the process.

Building wealth can be empowering for many women. The same survey found that 73% of women respondents said money gives them “security,” while 64% of Gen Z and Millennial women associated it with “freedom.”

The power of having a team

Some people find it helpful to work with a financial advisor, so you don’t have to tackle things alone. An advisor can help you craft a plan tailored to your needs and keep you on track throughout your lifelong financial journey. If you expect to receive an inheritance, you should also consult with estate planning and tax professionals.

No matter where you are on your wealth-building path, education is key. It’s so important to be an informed investor, and there are plenty of resources out there to help. You can find a library of free educational resources at chase.com/theknow.

As the landscape of wealth continues to evolve, women have a unique opportunity to shape their financial futures and those of generations to come. By staying informed and planning ahead, women have the tools to help them confidently navigate the Great Wealth Transfer and set themselves up for financial freedom.

The views, opinions, estimates and strategies expressed herein constitutes the author’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan. This information in no way constitutes J.P. Morgan Research and should not be treated as such. You should carefully consider your needs and objectives before making any decisions. For additional guidance on how this information should be applied to your situation, you should consult your advisor.  

JPMorgan Chase & Co., its affiliates, and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transaction.  