Marathon Pundit: Thanksgiving news dump: Giannoulias releases tax returns

Thursday, November 26, 2009

Thanksgiving news dump: Giannoulias releases tax returns

Yesterday, Alexi Giannoulias, the leading Democratic contender for the US Senate seat currently held by Rod Blagojevich appointee Roland Burris, released his tax returns from the last four years.

Many people were scurrying around on the day before Thanksgiving and not following the news, so The Boy Banker chose yesterday, a popular news dump day, to communicate to his potential Senate constituents.

That is not a Profile in Courage.

From the Chicago Tribune's Clout Street blog:

State Treasurer Alexi Giannoulias has made millions of dollars from his family’s community bank since his election in 2006, much of it from payouts related to his father’s death, according to four years of tax returns he released Wednesday.

Giannoulias saw his gross income drop precipitously last year as Broadway Bank struggled financially. In 2008 he reported making $361,000; for the three preceding years, he reported income of at least $1.3 million annually.

Giannoulias, a Democrat running in the primary for U.S. Senate, released his tax returns the day before the Thanksgiving holiday, when fewer people are likely to be paying attention to the news. The first-term treasurer has been criticized by Democratic Senate opponent David Hoffman for large Broadway Bank payouts to him and his family.

In all, there were $70 million in payouts in 2007 and 2008. Giannoulias' campaign said the payouts were was triggered by the 2006 death of Giannoulias' father, Alexis, who founded Broadway Bank. His will called for estate and income taxes to be paid for with dividend payments from the sale of Broadway shares, the campaign said.