Bank Work Meant Big Tax Break for Giannoulias

CHICAGO (AP) -- Alexi Giannoulias tells voters he left his family bank in 2005, but he got a major tax break by telling the IRS he continued working at the bank the next year.

The Democratic candidate for U.S. Senate says there's no inconsistency.

Giannoulias told the Chicago Tribune that he ended day-to-day work in late 2005 to campaign for state treasurer. He says his work the next year was merely closing out his responsibilities -- not making loan decisions.

By telling the IRS he worked at least 500 hours in 2006, Giannoulias qualified for a $2.7 million income tax deduction.

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


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