Eric Swalwell raids retirement, delays tax payments as he runs for California governor
U.S. Rep. Eric Swalwell (D-CA) speaks during a House Judiciary Committee hearing. Getty Images
Posted For: MugsMalone
Eric Swalwell has been drawing on retirement savings and delaying tax payments while campaigning to become California’s next governor.
The 45-year-old Democratic congressman, who has polled as high as 17 percent in a crowded field, has also used more than $200,000 in campaign funds to cover childcare expenses.
Tax returns from 2021 through 2024 show a sharp drop in the amount Swalwell paid in federal taxes. He paid about $32,000 in 2021, $2,580 in 2022, and withheld nothing in 2023 in order to increase his take-home pay. The filings also indicate that roughly $145,000 of the family’s income came from withdrawals from retirement accounts, highlighting the extent to which he has relied on savings while preparing his run for governor.
This financial maneuvering has occurred despite a relatively high household income. Swalwell earned about $184,000 from his congressional salary in 2024 and reports a combined annual income of roughly $444,000 with his wife, Brittany Watts. He owns a home in Washington, D.C., valued at about $1.2 million and has rented a property in Livermore, California, since 2017.
Both residences have attracted scrutiny. The Washington property has faced questions related to taxes, while critics have raised concerns about whether the California residence meets residency expectations. Swalwell has dismissed the claims as politically motivated.
Despite earning a six-figure salary, Swalwell has often been described as one of the less wealthy members of Congress. Watchdog group OpenSecrets estimated his net worth at negative $37,000 in 2018. He has also carried notable debt, including up to $100,000 in student loans from the University of Maryland School of Law and roughly $65,000 in credit card balances across accounts with Chase and American Express.
His use of campaign funds for childcare has also drawn attention, though the practice is allowed under federal election rules.
Swalwell’s campaign has said his finances reflect the realities of a middle-class family.
“Unlike others in this race, Congressman Eric Swalwell is not a billionaire,” a campaign spokesperson said, referencing rivals including Tom Steyer and Matt Mahan. “He is a working parent raising three young children with his wife while serving in public office. Like millions of Californians, they balance 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 chief of staff, Yardena Wolf, have also drawn attention for promoting their startup, Findraiser, to fellow House Democrats and political operatives through texts, emails, and in-person outreach.
The company, launched in early 2024, markets itself as an AI-driven platform designed to help political campaigns analyze donor data and improve fundraising. It has reportedly generated about $60,000 in revenue from just over a dozen Democratic campaigns, many connected to Swalwell’s political network. Financial disclosures show Swalwell holds a stake in the company valued between $200,000 and $500,000. In recent years he has also carried personal debt that includes student loans, credit card balances, and a mortgage exceeding $1 million.
Some Democratic strategists reportedly viewed the promotion of the company as inappropriate. One consultant described the effort as a “running joke” among staffers and strategists. Another source claimed Swalwell may have suggested that legislative support could be tied to engagement with the company, leaving some colleagues feeling pressured to listen to the pitches.
House ethics rules prohibit lawmakers from using their positions for private financial gain or creating the appearance of doing so, and they warn against promoting products connected to them.
Swalwell’s campaign denied any wrongdoing, saying he is focused on helping Democrats win and using “every tool” available. Wolf said all activity related to the company was conducted in consultation with the House Ethics Committee.
About Post Author
