Westly Releases Tax Records For Past Decade
Sacramento, CA — State Controller Steve Westly has released tax records for the previous ten years, showing that the former eBay executive earned nearly a quarter of a billion dollars over the past decade.
Westly is facing state Treasurer Phil Angelides in the June 2006 Democratic primary for governor. Westly offered reporters a look at his Internal Revenue Service and California tax returns dating back to 1995.
In 1997, Westly became a vice president at the San Jose-based online auction house, earning about $250,000. As his stock options matured, his income rose, hitting a high mark in 2002 when he earned $73 million.
In total during the last decade, Westly reported $225.8 million in adjusted gross income. He paid $63.5 million in state and federal taxes and donated $15.7 million to charity.
The release of the tax returns is designed to pressure Angelides and Governor Schwarzenegger to do the same.
Officials of the Angelides´ and Schwarzenegger campaigns say the candidates will release their returns before the election.
Last year, Schwarzenegger broke with the practice of previous California governors and withheld his tax return from public view.
His aides say it is unlikely the governor will release tax returns dating back to the 1990s, as Westly did.