Los Angeles mayoral candidate and billionaire real estate developer Rick Caruso said he paid more than $1.6 million in personal income taxes over the last five years, but he will not release his full tax returns, it was reported Friday.
Caruso -- who is the developer behind shopping 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.
The Times said that Caruso, whose net worth is estimated by Forbes to be $4.3 billion, declined to release information about his income, but the report also claimed he paid more than $2.3 million in business income taxes. One of Caruso's opponents in the mayoral election, City Attorney Mike Feuer, alleged during a March 22 debate that Caruso didn't 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 responded that he would"release everything that I pay in taxes," including on the yacht, once all the other candidates on stage decide to release their tax returns.
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