LOS ANGELES (CNS) – Los Angeles mayoral candidate and billionaire real estate developer Rick Caruso said he has paid more than $ 1.6 million in personal income tax over the past five years, but he will not disclose his full tax returns, it was reported Friday.
What you need to know
- Caruso claims he paid about $ 328,000 a year on an undisclosed amount of income, according to the Los Angeles Times
- Caruso also claims that he and his wife Tina donated $ 39.6 million to charities, but the organizations were not specified
- Caruso did not provide information on how much he paid in tax on his yacht Invictus, but claimed that he paid tax on it
- The Times also reviewed the tax returns of the rep. Karen Bass and some of Councilor Kevin de Leóns, who said he plans to release more information on Tuesday
Caruso – who is the developer behind malls like The Grove and The Americana at Brand – claims he paid about $ 328,000 a year on an undisclosed amount of income, according to the Los Angeles Times, which reviewed a two-page tax report from Caruso’s campaign. .
Caruso also claims that he and his wife Tina donated $ 39.6 million to charities, but the organizations were not specified. The Times reported that the Caruso Family Foundation has previously supported programs for disadvantaged children, minority students, and medical research at the University of Southern California. Caruso served as chairman of the USC board from 2018 to 2022.
The Times said Caruso, whose net worth is estimated by Forbes to be $ 4.3 billion, declined to release information on his income, but the report also claimed he paid more than $ 2.3 million in business income tax.
Caruso did not provide information on how much he paid in tax on his yacht Invictus, but claimed he paid tax on it.
One of Caruso’s opponents in the mayoral election, city attorney Mike Feuer, claimed during a debate on March 22 that Caruso did not pay taxes on his $ 100 million yacht, which he said was registered in the Cayman Islands. Feuer challenged Caruso to release his tax returns, and Caruso replied that he would “release everything I pay in taxes,” including on the yacht, when all the other candidates on stage decide to release their tax returns.
Feuer released tax returns from the last five years the day after. He and his wife, Court of Appeals Gail Ruderman Feuer, paid 27% -30% in taxes between 2017 and 2021, with their highest income totaling $ 416,000, The Times reported.
Another candidate for mayor in the June 7 primary election, Councilman Joe Buscaino, released the last five years of his April 4 tax returns. He and his wife Geralyn paid between 17% -23% in income tax.
The Times also reviewed the tax returns of Rep. Karen Bass and some councilor Kevin de Leóns, who said he plans to release more information on Tuesday. The Times said Bass paid 22% -23% in taxes, and De León paid 26% in 2017 and 23% in 2018.