Eric Swalwell is attacking retirement, delaying paying taxes while running for governor of California

Eric Swalwell is dipping into his retirement savings and deferring his tax payments as he campaigns to become California’s next governor.

The 45-year-old Democratic congressman, who polls 17 percent in a crowded field, has also contributed more than $200,000 in campaign cash to pay for childcare costs.

Tax returns from 2021 to 2024 show Swalwell significantly reduced how much he paid in federal taxes, from $32,000 in 2021 to just $2,580 in 2022, before refusing anything in 2023 to increase his take-home pay.

The records also reveal that about $145,000 of the family’s income comes from retirement accounts, showing how much he has been forced to rely on savings as he prepares to run for governor.

Swalwell’s financial performance comes despite his wealth. He received a congressional salary of about $184,000 in 2024 and, with his wife Brittany Watts, reported a combined annual income of about $444,000.

He owns a $1.2 million house in Washington, DC, and has rented a property in Liverpoolmore since 2017.

Both residences have drawn scrutiny, the Washington property over tax issues and the California home amid accusations from critics that he does not meet residency requirements.

Swalwell dismissed both political attacks.

Despite his six-figure salary, Swalwell has been described as one of the least conservative members of Congress. Watchdog group OpenSecrets previously estimated his net worth at $37,000 in 2018.

He also has significant debt, including up to $100,000 in student loans after graduating from the University of Maryland School of Law, as well as nearly $65,000 in credit card debt through Chase and American Express.

His use of campaign funds for child care has come under scrutiny, even though it is allowed under state election rules.

Swalwell’s campaign said his finances reflected the reality of a middle-class family.

“Unlike others in this race, Congressman Eric Swalwell is not a billionaire,” the spokesman said, referring to opponents including Tom Steyer and Matt Mahan.

He is a working parent raising three young children with his wife while working in public office. Like millions of Californians, they are balancing mortgage payments, student loans, child care and everyday expenses.”

Steyer, also a Democrat, has faced scrutiny over his ties to the private equity industry and the use of so-called dark money.

Swalwell and his former boss Yardena Wolf are being investigated for repeatedly pitching their startup, Findraiser, to House Democrats and political parties through texts, emails and in-person interviews.

This effort is reported to be unsettled by their colleagues, and one source said that they “beat everyone” and that many members of California’s Congress joined in. They are facing scrutiny after they strongly recommended a new AI fundraising company to their colleagues, raising the possibility of problems.

Findraiser, launched in early 2024, markets itself as an AI-powered platform designed to help campaigns analyze donor data and improve fundraising. The company has raised nearly $60,000 from more than 12 Democratic campaigns, many of which are connected to Swalwell’s political network.

Financial statements show Swalwell has a stake in the company worth between $200,000 and $500,000. He also has significant debt in recent years, including student loans, credit card balances and a mortgage of over $1 million.

Some within the Democratic Party described the move as absurd, while one strategist said the company had become a “joke” among consultants and employees. Another source said Swalwell may be contacting legal support to cooperate with the company, suggesting colleagues are feeling pressure to have fun.

Domestic ethics laws prohibit lawmakers from using their positions for private funding or the appearance of doing so, and caution against advertising products related to them.

Swalwell’s campaign has denied any wrongdoing, saying he is focused on helping Democrats win and using “every tool” available to do so. Wolf said all assignments were made in consultation with the House Ethics Committee.

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