This week was Wells Fargo's 160th birthday. Protesters across the nation representing the 99% threw a surprise party for the 4th largest bank and one of the oldest Tax Dodgers. In Houston, the festivity was pretty humorous making a mockery of the bank's years of avoiding taxes through negative income tax rates. Protesters came bearing gifts for Well Fargo exclaiming how fond Wells Fargo is of accepting gifts from the public from balloons to bail outs.
The party could have easily turned into a celebrity roast since protesters chanted the long list of corporate irresponsibility on behalf of Wells Fargo. In 2009, when Wells Fargo turned 157 they bought themselves a profitable birthday present by acquiring Wachovia Bank; yet still paid no income taxes. To add icing to the birthday cake, Wells Fargo even got the taxpayers to foot the bill by writing off insurmountable numbers in “losses” on their federal income taxes as a result of the acquisition. To that the 99% facetiously decided to “celebrate” the 160 years of Wells Fargo looking out for the best interest of the 1%.
The protesters delivered the guest of honor a bouquet of helium balloons and a giant birthday card that read “Dear Wells Fargo, Best Wishes in your 160th year. We know times are tough, with record profits and soaring tax refunds. We hope you'll pull though! Love the 99%.” Despite being a large and wildly profitable brokerage and bank, Wells Fargo received $680 million in federal income tax benefits INSTEAD of paying federal income taxes over the last three tax seasons.
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