TPMDC

More Trouble For Giannoulias In IL-SEN? Dem Got $30K Tax Refund As Family Bank Collapsed


IL-SEN candidate Alexi Giannoulias (D)

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Illinois state Treasurer Alexi Giannoulias, the Democratic nominee in the state's hotly-contested Senate race, could have yet another political liability to deal with from the collapse of his family's bank: As a result of the financial loss, he has collected a tax refund of about $30,000, though he immediately indicated he would donate the money to charity.

Giannoulias lost $2.7 million as a result of the bank's failure, and was thus able to get a tax refund on the amount that had been withheld from his salary as state treasurer. His Republican opponent, Rep. Mark Kirk, quickly pounced on Friday: "Giannoulias wants to raise our taxes but doesn't pay any taxes himself."

When asked for comment by TPMDC, the Giannoulias camp turned the story right back to Kirk's own personal dirt, relating to his previous inaccurate statements about his military record. Giannoulias spokesman Matt McGrath told us: "It comes as no surprise given his record of mistruths, half-truths and untruths about his military record, but when he says Alexi wants to raise taxes, Congressman Kirk is lying. Again."

The TPM Poll Average gives Kirk a lead of 43.1%-38.4%.

Comments (15) | Join the Conversation!

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July 5, 2010 5:33 PM   

So, let me get this straight.

1. Alexi lost $2.7 million when the bank failed.

2. He had already paid taxes on that money.

3. So, in accordance with federal tax laws, he's owed a refund of $30K.

I'm sure you will soon explain how this is a scandal and/or evidence of wrongdoing.

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July 5, 2010 5:38 PM    in reply to FreeRider

He's a Dem. That's all the evidence of wrongdoing the GOP or traditional media needs.

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July 6, 2010 8:37 AM    in reply to FreeRider

When there is no scandal, create one -right?

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July 5, 2010 5:37 PM   

What a bogus, opportunistic accusation! If you have negative income you don't owe income tax. I bet plenty of Kirk's fellow Republicans are reading this story and wishing that he hadn't suggested that qualifying for a refund is improper.

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July 5, 2010 5:42 PM   

Mark Kirk really thinks he can distract from his pattern of habitual lying by whining about Alexi's refund? Oh yeah, I forgot I'm talking about the guy who was worried preschoolers would be bringing guns to class...

And um, why is a supposed progressive blogger suggesting this will be a problem for Alexi again?

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July 5, 2010 5:57 PM   

This is no story! I might expect to see it on Redstate, but not here.. sheesh... The guy got a legitimate tax refund for pete's sake.

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July 5, 2010 6:20 PM   

I'm tired of this. It's also all over the Chicago media like a cheap suit. I hear ordinary people I know who are middle-of-the-road pontificating about it.

Maybe all the people who are pontificating about it ought to give up their right to collect any kind of tax break on lost income. That would shut them up real fast.

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July 5, 2010 7:40 PM   

He paid this money on non-existent income. He is now getting the money refunded. Who in their right mind sees this as a problem?

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July 5, 2010 8:38 PM   

Well,people can blame the media, blame the TPM headline, blame Kirk, but if the Illinois voters can't put this together (figure it out) on their own, then they be stupid, really, really, stupid.

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July 6, 2010 2:49 AM   

I'm guessing none of the people posting actually claimed a loss on their taxes. If this is really legit, can someone explain why he was able to deduct $2.7 million worth of losses (or at least up to whatever part of his salary would make for a $30,000 refund), whereas I was only allowed to deduct $3,000 from my income even though I lost $6,000?

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July 6, 2010 8:31 AM    in reply to midnight rambler

Where does it say he deducted $2.7 million? It doesn't. It says he LOST $2.7 million. The refund covers several years, not just one.

Also, if it's not legit, take it up with the IRS since that's who concluded he was due a refund for overpayment.

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July 6, 2010 8:37 AM    in reply to midnight rambler

Correction: the refund covers one year.

Alexi's annual salary is $135K; He lost nearly 20X his annual salary in one year. Does the $6K you lost = 20X your annual salary?

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July 6, 2010 3:13 PM    in reply to FreeRider

My Schedule D says you can only deduct up to $3,000 in investment losses from your income, no matter what it is relative to your salary. If he's got the $2.7 million to lose, then I'm guessing he has more income than just his salary and I say it's his tough shit.

I'm really fucking sick of all the supposed Democrats being rich scumsuckers like this.

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July 6, 2010 3:42 PM    in reply to midnight rambler

What difference does it make if he has money or not? There isn't a thing to indicate that he's a scumsucker.

Having money doesn't make you evil just like being poor doesn't make you virtuous.

George Soros, LBJ, FDR, Kennedy, Herb Kohl, John Kerry, Al Gore are just a few examples of rich people who were unstinting advocates for the little guy.

Policy positions, not bank account, matter.

If you resent someone simply because they have money, you're a knee-jerk moron.

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July 6, 2010 9:05 AM   

look look look http://www.tnta.us

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