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Kirk tax attack: hits Giannoulias for not having 2009 income tax bill

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below, from the Kirk campaign....


Kirk Campaign Launches Statewide Radio Ad: "Released"

"Higher taxes for you. No taxes for Alexi Giannoulias."


Wealthy Giannoulias will pay no income taxes after Broadway Bank collapse cost FDIC $394 million - still favors higher income taxes for Illinois families


Northbrook, Ill. - The Kirk for Senate campaign today released a new statewide radio ad highlighting that wealthy Illinois Senate candidate and former banker Alexi Giannoulias will pay no taxes for 2009 following the collapse of his family's Broadway Bank.

On Friday, Giannoulias revealed that he would avoid $30,000 in state and federal income taxes despite the FDIC's loss of $394 million and Giannoulias' own call for higher state and federal income taxes. According to news reports, Giannoulias is worth at least $7 million.

The radio ad, "Released," begins airing today in several markets across the state. The ad can be heard online here. The complete script with fact check appears below.

"RELEASED" SCRIPT WITH FACT CHECK

Alexi Giannoulias just released his taxes.

The Chicago Tribune headline said quote "Wealthy Giannoulias paid no taxes last year". Endquote.

Source: http://newsblogs.chicagotribune.com/clout_st/2010/07/giannoulias-lost-27-million-last-year-as-bank-imploded.html


Fox Chicago reported that Alexi is worth at least $7 million, but paid no taxes.

Source: http://www.myfoxchicago.com/dpp/news/politics/alexi-paid-no-income-tax-in-2009-20100702


How?

Alexi's Broadway Bank collapsed from risky loans

"The failure of Chicago-based Broadway, which was unable to raise the $85 million it needed to remain independent, was anticipated, and its worsening health has weighed on Giannoulias' Democratic bid for President Barack Obama's old Senate seat. The bank had been struggling in recent years with real estate loans gone bad, losing $75 million last year." (Chicago Tribune, "Feds seize Broadway Bank", April 24, 2010)

"According to a review of the bank's annual filings with the Federal Deposit Insurance Corporation from 2001 through Sept. 30, 2009, the bank plunged into the sort of lending that has caused bank crises across the country: construction and development loans. Mr. Giannoulias's lending department sharply increased the construction and development portfolio to $356 million by 2006, six times the level it had been before he went to work there." (New York Times, "As Lender, Senate Candidate Impacted Bank Woes", January 30, 2010)

and loans to convicted mobsters.

"The family bank of Democratic Senate candidate Alexi Giannoulias loaned a pair of Chicago crime figures about $20 million during a 14-month period when Giannoulias was a senior loan officer, according to a Tribune examination that provides new details about the bank's relationship with the convicted felons." (Chicago Tribune, "$20 million in loans to felons", April 1, 2010)

Alexi just deducted the money he lost on his tax return.

"Democratic U.S. Senate candidate Alexi Giannoulias lost about $2.7 million last year in the collapse of his family's Broadway Bank, according to tax returns his campaign released Friday." (Chicago Tribune, "Wealthy Giannoulias paid no taxes last year", July 2, 2010)

Bingo. Pay no taxes, and the government's FDIC pays Broadway's $394 million loss.

"The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $394.3 million." (FDIC Press Release, April 23, 2010)


But while Alexi pays no taxes, he thinks you don't pay enough taxes.

Alexi wants higher federal income taxes,

"Those tax cuts were unnecessary and irresponsible, and I would allow them to expire." (Giannoulias Chicago Tribune Primary Questionnaire)

higher state income taxes,

Giannoulias: "We need an income tax increase." (http://www.youtube.com/watch?v=UAmP_mYYk4E)

and higher energy taxes.

"I support efforts to create a comprehensive, market-based system that puts a price on global warming pollution..." (Giannoulias Chicago Sun-Times Primary Questionnaire)

Listen (to Alexi): "I have said from day one, as your state treasurer, that while politically it's not the smartest thing to say, we need an income tax increase."

Source: http://www.youtube.com/watch?v=UAmP_mYYk4E


Higher taxes for you. No taxes for Alexi Giannoulias.

I'm Mark Kirk and I approved this message. Paid for by Kirk for Senate. KirkforSenate.com

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Lynn Sweet

Lynn Sweet is a columnist and the Washington Bureau Chief for the Chicago Sun-Times.

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