Eric Swalwell has been dipping into his retirement savings and postponing his tax payments as he campaigns to become California’s next governor.
The Democratic congressman, 45, who is polling as high as 17 percent in a crowded field, has also tapped more than $200,000 in campaign funds to cover childcare costs.
Tax returns from 2021 to 2024 show Swalwell dramatically reduced how much he paid in federal taxes, from $32,000 in 2021 to just $2,580 in 2022, before withholding nothing in 2023 to maximize his take-home pay.
The filings also reveal that roughly $145,000 of the family’s income came from withdrawals from retirement accounts, showing the extent to which he’s been forced to rely on savings as he gears up for his run for governor.
Swalwell’s financial maneuvering comes despite a comfortable income. He earned a congressional salary of about $184,000 in 2024 and, with his wife Brittany Watts, reports a combined annual income of about $444,000.
Hellbound and Down 