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Alexi Giannoulias Received Big Tax Deductions Toward The End Of Bank Career (VIDEO)


First Posted: 09/29/10 10:37 PM ET Updated: 05/25/11 06:55 PM ET

By: CHRISTOPHER WILLS / The Associated Press

SPRINGFIELD, Ill. -- Democratic Senate candidate Alexi Giannoulias qualified for a huge tax deduction by telling the IRS he worked 500 hours at his family's bank in early 2006. But he's told voters he was largely gone from the bank by then.

The $2.7 million deduction reduced Giannoulias' income to the point that he paid no federal income taxes last year.

The disclosure Wednesday is the latest example of Giannoulias' role at the now-failed Broadway Bank complicating his campaign for President Barack Obama's former Senate seat.

Giannoulias said there's no inconsistency. He tells the Chicago Tribune he was merely wrapping up old responsibilities, which required about 30 hours a week.

Republican candidate Mark Kirk told WLS radio this raises lots of questions.

WATCH Giannoulias discuss the tax deductions on MSNBC's "Morning Joe" Wednesday morning:

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Filed by Jen Sabella  |  Report Corrections