State Says Millions of Dollars in Delinquent Taxes Uncollectible
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#1 Apr 12, 2011
There are many tax payers on this list that do not belong. The tax commision and there trump up sin tax has let many owning taxes that the state with their crooked sin tax laws enposed bogus taxes on other wise honest citizens on Oklahoma
#2 Apr 12, 2011
This story makes a good sound bite, but in the scheme of relativity, the Oklahoma public has been defrauded of far more to tax revenue skimming. What some call tax credit fraud, where several groups advertise tax credits for sale at half price; or you give one of these groups $10 million, and they hand you back $20 million in tax credits. The tax credits can be instantly converted to cash.
Well over $1 billion for part of the 4 years since the first reporting in 2006. This all occurs under what is claimed to be economic development incentives, first created in the 1980s; and operated off the books, undocumented and in ultra strict confidence. It is very simple how this works. These are free standing self serve programs. That means those allowed, help themselves, to all the tax credits they want without any preapproval or budget limitations. Paul Doughty, then president, First State Bank Altus, OK, created $643 million in fake loans, for 6 funds he used to for false claims. He got mostly 30% tax credits, with some 20%.
The smoking guns are.
1. False reporting on OpenBooks, that anyone can see.
2. Bank fraud used to create false loan documents. Anyone call see by looking at First State Bank Altus call reports on the FDIC website.
How do they get by with this? Take a look in the mirror, and ask the one you see, how much they know? That person reflects every Oklahoma citizen. Just pretend nothing is happening. Works like a charm. OpenBooks has been blatantly false since day one, and not one other person has said a word.
Only 60% of these tax credits are used and reported on OpenBooks. The other 40% is where the real skimming occurs.
The way skimming works is -- tax credits are exchanged for tax refunds. Tax refunds are paid out of pre counted tax revenue. The loss is reported as revenue shortfalls. The refunds are paid as gross production tax refunds, which typically go out of state or out of country. This allows the money to be laundered and come back to officials.
Not a popular subject to broach. A. Who would have to repay the stolen tax credits, those folks have the money, and donate. B. Those responsible can have their share. Someone is getting the 40%. The entire story can be found at prowlingowl.com
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