Rep. Eric Swalwell is running for governor as his financial records draw renewed scrutiny, with filings showing more than $444,000 in annual household income, nearly $145,000 pulled from retirement accounts, federal tax payments delayed into penalty territory, more than $244,000 in campaign-funded childcare, and tens of thousands spent on luxury travel, including a five-star hotel in Dubai, all drawn from his tax returns, campaign filings, and financial disclosures.
“Swalwell and his wife brought in income in the top 5% of Washington, D.C., households from 2021 to 2024.”
During those same years, tax records show the couple averaged more than $444,000 annually. The same records show nearly $145,000 withdrawn from retirement accounts between 2020 and 2022, and federal tax withholding was reduced or eliminated in multiple years, delaying payment and triggering penalties.
Those entries recur across the filings rather than appearing as a one-time fix.
Campaign filings show Swalwell’s committee paid more than $244,000 in childcare expenses from 2019 to 2025, the highest total in the House and more than three times the next highest lawmaker. Nearly $60,000 of that total came in 2022 alone.
Federal election rules allow campaign funds to cover childcare only when the expense is tied directly to campaign activity and would not otherwise exist. However, Swalwell’s filings show roughly $20,000 in childcare expenses charged just days after his 2024 re-election, placing those expenses at the edge of what those rules were designed to allow.
Campaign spending extended well beyond childcare.
Fox News’ review of the filings shows the committee spending nearly $90,000 on travel in the final three months of 2023, including charges tied to the Burj Al Arab hotel in Dubai. The same filings show tens of thousands more spent on airfare, private security, limousine services, restaurants, and yacht charters tied to fundraising events.
Those expenses fall in the same period when retirement savings were being drawn down, and tax payments were being pushed back.
Personal disclosures add a mortgage between $1 million and $5 million on a Washington home purchased for about $1.2 million. Swalwell has also carried student loan debt of $50,000 to $100,000 for more than a decade and lists credit card balances of $15,000 to $50,000.
Those liabilities remain on the books across the same years covered by the tax returns and campaign reports.
“Unlike others in this race, Congressman Eric Swalwell is not a billionaire,” a spokesperson said, describing him as a working parent balancing mortgage payments, student loans, and childcare.
His filings now sit before voters as a record of how he has handled money over several years and how he might handle the state’s finances.
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