“Occupy” movement embraces banks and tax loopholes

The irony is sweet.  Assuming one can deduce a coherent theme in the various “occupy” demonstrations, one thing seems clear.  The demonstrators appear to uniformly despise the financial institutions.  But, what do you do with all the donations (estimated at over $500,000) that are pouring in?

Well, you do what any normal person would do…put them in a bank, the Lower East Side Credit Union and Amalgamated Bank, to be exact.

And what about those “tax loopholes” that are also routinely criticized?  What do you do there?

Well, you use them to your advantage, of course.  And, here is how they made that work.

The Alliance for Global Justice, a very far left group that never met an anarchist it didn’t like, has become a “sponsor” for Occupy Wall Street.  For reasons known only to the Internal Revenue Service, AGJ has been granted tax status as a 501(c)(3) charitable organization.  So, all of the donations are first “washed” through AGJ, before being sent on to the OWS bank account.  This accomplishes two things…the donations are non-taxable to OWS, and become a tax deduction to any of those giving the money.

So, not only is the federal government not collecting income tax on this money, but, because they are also a tax deduction, if they come from anyone in the 35% tax bracket for example, essentially, the taxpayers of America are “subsidizing” 35% of the donation to OWS.

Perhaps capitalism, as defined by the demonstrators, isn’t so bad after all.


13 replies
  1. Dimsdale
    Dimsdale says:

    Well, as previous posts have shown, they can’t trust each other.? They have to trust the very banks they are carping about.
    What a shame that the OWS crowd can’t see the irony.? Or they hypocrisy.

  2. PatRiot
    PatRiot says:

    While I am all for the right of free speech for EVERYONE,? I must say that the T.E.A. Party at least has a foundation of principle to stand on.
    The OWS does not.? They have 2 rules:? 1.? Whine until you get what you want.? 2. There are no more rules.

  3. SeeingRed
    SeeingRed says:

    The IRS has big britches, but why not?? Who’s going to go after them?? Congress?? The courts?? How about DoJ?? Maybe the 4th arm of Government (the MSM)?

    The tyrants now have the power to tax those they do not like (see small business, Big Oil and the ‘rich’) and to?provide tax?breaks to those in?political favor (see?Unions A-Z, anything ‘Green’ and now, OWS).??

    This book does not end well (see Max Robespierre).

  4. Benjamin Less
    Benjamin Less says:

    I wondered where OWS drummed up a Certified Public Accountant that’s socialist to figure out the tax rules?? Is there such and animal?? Can you momentarily forget you’re a socialist for a moment during the execution of a tax exercise?? Like …blacking out?

    • Lynn
      Lynn says:

      If La Costra Nosa can buy a CPA to figure taxes out, then so can the unwashed OWS. There is always someone that can be bought.

  5. Tim-in-Alabama
    Tim-in-Alabama says:

    I can’t believe these smelly, free-loading, rapist, thieving, public urinating, leftist operatives and stooges would take advantage of tax loopholes.

  6. cherwin
    cherwin says:

    If the OWS gang hates anyone that is rich or what they consider rich, greedy blah,blah,blah. They should head for all the sports associations and protest the amount of money the atheletes are making. I mean come on, they get so much money and the public has to pay way too much for tickets to see the games, events, etc. Then they should go out to L.A. and start protesting at all the homes of the entertainers, singers, actors, etc. Why should they be allowed to make so much money? If they didn’t make so much we could buy music or go see a movie for a lot less money.?
    I’m just saying, if they?despise anyone who is successful and making money then they should be consistent and go after everyone. Why stop at Wall St.? Spread the insanity around.?

  7. gillie28
    gillie28 says:

    More irony:? Capitalism has taken root in the one of the most unlikely places in New York’s financial district?Zuccotti Park, home of the Occupy Wall Street movement.?
    On every corner of the park, vendors sell buttons, T-shirts, wristbands and artwork, leading some to complain that the merchandising is undermining the movement.Business appears to be booming online, too. One site is selling 30 packs of Occupy Condoms for $11.99. Another has a $35 Occupy Wall Street iPhone case. Nearly 5,000 individual items were available for sale on eBay by Tuesday night.

  8. JBS
    JBS says:

    Irony? I kinda figured that there was a big business behind them, organizing their food purchases, medical expenses, sound system, printing of pamphlets, etc, hotel rooms for the uber-socialists elite organizers, salaries for the ubers, marketing expenses, and slush fund for necessities like, catered luncheons, restaurant bills, entertainment. Whatever.
    As far as I am concerned, the sooner we move past OWS, the better. We are spending too much time on them; they deserve only passing notice. Of course they are corrupt, they are on the left!
    We have to keep our eyes on the? Zero. Ignore Biteme. Obama is the only one to watch; he is using all of this media nonsense as a distraction.
    How about Zero using Executive orders to advance his campaign against America?

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