Rick Caruso has released information on the taxes that he and his businesses paid over the last five years but — unlike most other major candidates in the race for mayor — the billionaire businessman’s finances and tax rate remain a secret because of his unwillingness to release his full returns.
A letter from Caruso’s campaign reviewed by The Times says that the real estate developer paid more than $1.6 million in personal income taxes to the state and federal government over five years, or about $328,000 a year, on an undisclosed amount of income.
Billionaire real estate developer Rick Caruso put $4 million into his mayoral bid this week, bringing the total that he’s loaned his campaign to $10 million. His willingness to tap his own fortune has profoundly reshaped the race since he officially entered two months ago.
While the other big-name candidates have not yet begun airing TV commercials, Caruso’s messages have blanketed the airwaves. His campaign has also purchased 30-second radio spots, sent voters glossy foldout mailers and paid for advertising on YouTube and other social media.