[Posted by Barton Lorimor]
Tax documents belonging to Alexi Giannoulias show the Democratic U.S. Senate nominee will receive a tax return of at least $26,000. From the AP…
Losing millions of dollars through his family bank allowed Senate candidate Alexi Giannoulias to get a tax refund of nearly $26,000.
An aide says the Chicago Democrat will donate the money to charity.
Giannoulias released tax returns Friday that show $2.7 million in losses related to the failure of Broadway Bank.
Spokesman Matt McGrath says Giannoulias lost more money that doesn’t show up on the returns. He says the total loss is between $7 million and $30 million.
The charity has yet to be identified in reports thus far.
The Sun-Times, which is reporting in its story that Giannoulias’ return is closer to $30,000, breaks it down a little more…
Giannoulias’ share in family trust funds plummeted from an estimated “$8 million to $40 million” down to an estimated “$2.5 million to $11.5 million,” according to the financial disclosure form he is required to file as a candidate for U.S. Senate.
Other family trusts are doing well enough that his net worth could range from $7 million to $29 million, the report said. That’s down from the $13 million to $62 million range he reported last year.
Giannoulias’ income tax returns show he earned $119,000 from his job as state treasurer. He reported $414,757 in capital gains.
More…
Also, the night his family bank was seized, Giannoulias said he would not be filing for an income tax break he might be entitled to for struggling businesses.
ADDING… Rich has asked whether Giannoulias received a complete tax refund on his state treasurer’s salary, but has heard no reply.
*** UPDATED ***
The Alexi camp says he did receive a complete tax refund on the salary.
- bored now - Friday, Jul 2, 10 @ 4:48 pm:
as expected…
- VanillaMan - Friday, Jul 2, 10 @ 4:53 pm:
To help Rod Blagojevich understand that figure, it is equivalent to 38,921 ties.
- OneMan - Friday, Jul 2, 10 @ 4:53 pm:
Wow… Kind of makes it harder to take the tax shots at Brady…
- Anonymous - Friday, Jul 2, 10 @ 4:58 pm:
I must be terribly jaded. Not surprised at all. I’ll bet they were very careful in their “pluses and minuses” knowing people would be watching. And he comes out a hero because he’s donating his refund to a charity.
- hisgirlfriday - Friday, Jul 2, 10 @ 4:59 pm:
Yikes. Stick a fork in him.
p.s. If Alexi has the guts to release this, what excuse would Jason Plummer now have for keeping his under wraps? There’s no way Plummer’s can be worse than this or Brady’s can it?
- Anonymous - Friday, Jul 2, 10 @ 4:59 pm:
Plus, showing the loss on Broadway re-emphsizes his message that he did nothing wrong.
Gutsy…and effective.
- Zora - Friday, Jul 2, 10 @ 5:01 pm:
Now Alexi and Brady have something in common. Our boyz from Illinoiz.
- ToddAF - Friday, Jul 2, 10 @ 5:03 pm:
—====Also, the night his family bank was seized, Giannoulias said he would not be filing for an income tax break he might be entitled to for struggling businesses.
His family bank was seized on April 23, eight days after the filing deadline for income taxes. So, unless he got an extension 2009, he would have been talking about his 2010 tax return.
- ourMagician - Friday, Jul 2, 10 @ 5:05 pm:
Ok so it was the taxes he released today not the fundraising that I’d thought he try to bury on a Friday holiday wknd.
- Anonymous - Friday, Jul 2, 10 @ 5:11 pm:
That is interesting, isn’t it, oM?
Make you wonder whether they’re going to pull off a “two-fer” after the holidays. 1) Saw articles they’re planning to hit with their new ad that we saw this week, and 2) maybe they’re numbers are not as bad as everyone expected.
Or maybe they’re hoping the ad will negate the bad numbers. Either way, I’m sure it’ll be an interesting week.
- Anonymous - Friday, Jul 2, 10 @ 5:14 pm:
Wow he’s worse than Brady.
- phocion - Friday, Jul 2, 10 @ 8:32 pm:
So, drop the story at 5 pm Friday of a holiday weekend. Pay no taxes while the taxpayers pick up your mess. And expect no negative impact because you hold the media and public in contempt as lazy and poorly focused. Well, he’s probably right. Half of those “in the know” are already deeming Alexi a genius in how he is “handling’ this inconvenient truth. Let’s see how this plays out. Carol Marin? Rich Miller? Eric Zorn? Andy Shaw? Mary Mitchell? Greg Hinz? Bruce Dold? Buehler?
- Liandro - Saturday, Jul 3, 10 @ 2:22 am:
Again, like I said about Brady: this is far more a strike against our tax code then it is against the individual. Course, failing a bank is a bit more dramatic then the normal method of getting a tax credit…
- Weird - Saturday, Jul 3, 10 @ 9:05 pm:
So, I’ve been waiting patiently for all of the people who attacked Brady for not paying taxes to come out and attack Alexi. Where are all of you? Didn’t you say that Brady should pay taxes, even though he lost money? Didn’t you say he should pay taxes on his state salary? Doesn’t Alexi make twice as much as the State Treasurer as Brady makes as a state senator?
Why the double standard?
- A.B. - Tuesday, Jul 6, 10 @ 9:28 am:
Kudos to Giannoulias for releasing this information on the eve of the 4th of July weekend. At least his people were smart enough to time the release right.