Patagonia is making a statement by giving over its $10 million tax savings to non-profit environmental groups.
Let’s take a look at what’s going on!
Patagonia Tax Savings
The outdoor gear company is sending a message to the Republican party by sending on $10 million it saved from tax cuts to environmental organizations.
The GOP overhauled the US tax code last year and slashed corporate tax rates from 35% to 21%. In doing so, corporations got a windfall.
Patagonia is making the donation off the back of the recent National Climate Assessment, which detailed the seriousness of climate change.
The company made an impassioned statement:
Patagonia already gives 1% of sales annually to environmental causes.
National Climate Assessment
The report concluded that natural disasters are increasing in the US because of global warming. It also said that the cost of violent weather and floods have amounted to nearly $400 billion since 2015.
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The debate on climate change is typically one-sided; most economists agree with the financial findings regarding climate change. However, US President Donald Trump has controversially denied the financial findings in the report. He has, on more than one occasion, also questioned the entire idea of climate change in general.
Patagonia has been typically anti-Trump. It also endorsed Democratic Senators-elect Jon Tester and Jacky Rosen, both who won against GOP candidates. The company supported their advocacy on public lands and the outdoor industries.
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