Patagonia to give away $10 million from tax savingOutdoor brand Patagonia announced at the end of November that it would donate the $10 million it has saved as a result of tax cuts in the US to fight climate change.
In a statement released on social media, CEO Rose Marcario described President Donald Trump’s decision to reduce the amount of tax US corporations have to pay from 35% to 21% as an “irresponsible tax cut”.
She said: “Taxes fund our important public services, our first responders and our democratic institutions. Taxes protect the most vulnerable in our society, our public lands and other life-giving resources. In spite of this, the Trump administration initiated a corporate tax cut, threatening these services at the expense of our planet.”
As a result of Patagonia’s belief that a “responsible company” should pay taxes in proportion to its success and in recognition that “our planet is in peril”, Ms Marcario revealed that the $10 million the company is saving will be donated to causes committed to protecting air, land and water and finding solutions to climate issues.
“In this season of giving, we are giving away this tax cut to the planet, our only home, which needs it now more than ever,” her statement concluded.