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.
He owns a $1.2 million home in Washington, DC, and has rented a property in Livermore since 2017.
Both residences have drawn scrutiny, the Washington property over alleged tax issues and the California home amid claims from critics that he does not meet residency expectations.
Swalwell has dismissed both as political attacks.
Despite his six-figure earnings, Swalwell has long been described as one of the least wealthy members of Congress. Watchdog group OpenSecrets once estimated his net worth at minus $37,000 in 2018.
He has also carried significant debt, including up to $100,000 in student loans after graduating from the University of Maryland School of Law, along with about $65,000 in credit card liabilities across Chase and American Express.
His use of campaign funds for childcare has drawn scrutiny, though it is permitted under federal election rules.
The Swalwell campaign said his finances reflect the realities of a middle-class family.
“Unlike others in this race, Congressman Eric Swalwell is not a billionaire,” a spokesperson said, in a swipe at 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 his own scrutiny over ties to the private equity industry and the use of so-called dark money.
Swalwell and his former chief of staff Yardena Wolf are under scrutiny for repeatedly pitching their startup, Findraiser, to fellow House Democrats and political operatives through texts, emails and in-person outreach.
The effort reportedly unsettled colleagues, with one source saying they were “hitting up everyone” and that most California members of Congress were contacted.are facing scrutiny after aggressively promoting a fledgling AI fundraising company to congressional colleagues, raising potential ethics concerns.
Findraiser, launched in early 2024, markets itself as an AI-driven platform designed to help campaigns analyze donor data and improve fundraising. The company has generated roughly $60,000 in revenue from just over a dozen Democratic campaigns, many linked to Swalwell’s political network.
Financial disclosures show Swalwell holds a stake in the company valued between $200,000 and $500,000. He has also carried significant personal debt in recent years, including student loans, credit card balances and a mortgage exceeding $1 million.
Some within Democratic circles described the push as unseemly, with one strategist claiming the company had become a “running joke” among consultants and staffers. Another source alleged Swalwell may have tied legislative support to engagement with the company, suggesting colleagues felt pressure to entertain pitches.
House ethics rules prohibit lawmakers from using their position for private financial gain or creating the appearance of doing so, and caution against promoting products tied to them.
Swalwell’s campaign denied any wrongdoing, saying he is focused on helping Democrats win and using “every tool” available to do so. Wolf said all activity was conducted in consultation with the House Ethics Committee.
