Was $325,000 in hidden PAC money funneled to Kevin Calvey the reason a 2006 law failed to close a tax credit loophole? Calvey was the author of an amendment to a bill advertised to close the tax credit loophole costing taxpayers $100s million per year. The loophole allows wealthy investors to continue reaping huge unearned windfall profits by taking $2 in tax credits for each dollar invested. This loophole has cost the Oklahoma taxpayers $100's million since that 2006 bill failed to close the loophole.

A detailed examination of Kevin Calvey's Federal Election Commission Campaign Finance Reports filed for his 2006 US Congressional race found roughly $258,000 of Calvey's $425,000 in total reported contributions was channeled to Calvey's campaign through the Club for Growth PAC. Club for Growth PAC is an out of state special interest group lobbying for better tax treatment for wealthy investors. Many of Club for Growth PAC members are from the same class of wealthy investors eligible to use the loophole.

On top of the above, Club for Growth spent another $68,000 directly on Calvey mail outs and advertising. Yet, Calvey's reports only identifies as PAC contributions a mere $9,300 he received from seven other PACs. The $325,000 Club for Growth PAC money was buried among individual non-PAC donations.

In addition an April 2006 Associated Press article reported, Paul Doughty, president of Altus Venture, another special interest group, and the biggest known abuser of the loophole, delivered a bundled donation of $21,000. Calvey allowed Doughty to help in wording the amendment.

Taking this even further, the remaining eighty odd thousand dollars not included in the above would include contributions from wealthy Oklahoma investors which would one expect would welcome the opportunity to benefit from a $2 for $1 investment scheme.

The Website ProwlingOwl.com has been reporting for well over a year that a close examination of the bill in question clearly shows the tax credit abuse loophole was never closed, when it fact is was made more fraud friendly.

In summary, Calvey's campaign reports subvert the very reason the campaign finance law was created. It violates the very spirit and intent to allow the public to see where the money is coming from.

More details and explanations can be found at
http://prowlingowl.com