Friday, April 15, 2022

Los Angeles mayoral candidate "Caruso says he paid $1.6 million in income tax over five years, but won’t release returns"


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.

From last week:

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.