December 30, 2008

Re: Oklahoma's multi-$100 million per year tax credit abuse scam

Numbers don't lie. This is a revealing comparison between campaign funding and tax credits.

According to 2006 Oklahoma election campaign filings the average state senate candidate spent $122,414 and house candidate $46,598 on campaigns. With elections ever 2 years that is an average yearly cost of $61,200 and $23,300 for the senate and house, respectively.

Divide those cost into the Oklahoma Tax Commission's report listing $236 million in 2007 investments that qualified for tax credits. The results are eye opening. The law allows taking $2 in tax credits for every $1 invested, increasing this to potentially $472 million.

Only one penny out of each of those $236 million dollars for just one year would fund the total campaign spending for one candidate for all 100 house seats. Those using loopholes to scam tax credits only need 51 to fear losing their seats. A mere one-half of one cent of each one dollar. Double or triple or whatever it takes to keep the right folks in office, and keep the free money flowing. It is still the most profitable investment one can imagine.

Are we so naïve to believe that our elected are willing to step forward knowing they would probably never get enough others to support ending the fraud? Knowing that every other lawmaker knows they would face political suicide the next election? Those who beat them out would vote the law back in.

Oklahoma has reached a point of no returns. Taxpayers are held in bondage. Paying fees to political overlords, in the form of taxes. Overlords who use "our tax money" to "control our government." Leaving taxpayers helpless victims. All done under a law that is a sham to any civilized culture. Yet there are none within the borders of Oklahoma powerful enough to stop the fraud.

Is this the reason our elected officials turn their backs with claims like, we know of nothing illegal occurring, we fixed that loophole, the program helps our economy and creates jobs.

Visit our site and see the preponderance of evidence proving the loophole is still flowing more freely than ever.

In a future news tip we will illustrate how this program is so flawed it encourages investing in equally flawed business plans for outdated dying industries. Check the list Great Plains Airline, Rocketplane, Quartz Mountain Aerospace. All failed without ever employing a fraction of the claimed employees.