Last year, President Trump said that his tax bill would be an incredible Christmas gift for millions of hard-working Americans, but it also resulted in billions of dollars of tax savings for businesses — especially those in the oil and gas industry. But one outdoor retailer has opted to donate its tax savings to the planet instead of putting it back into the business. Patagonia announced last week that it would be giving away the $10 million the company made as a result of the Republican tax cut.
“Based on last year’s irresponsible tax cut, Patagonia will owe less in taxes this year — $10 million less, in fact. Instead of putting the money back into our business, we’re responding by putting $10 million back into the planet,” CEO Rose Marcario wrote in a LinkedIn blog post. “Our home planet needs it more than we do.”
Marcario also wrote that taxes protect the most vulnerable in our society as well as our public lands and other resources. In spite of this, President Trump still initiated a corporate tax cut that threatens those services at the expense of the planet. In addition to cutting taxes for individuals and businesses, the bill also lifted a 40-year ban on drilling in the Arctic National Wildlife Refuge.
Patagonia will donate the money from its tax cut to various conservation organizations. The money will also go toward the regenerative organic agriculture movement, which, according to the company, could help slow or reverse the climate crisis. Marcario cited the recent National Climate Assessment Report, compiled by 13 different federal agencies and 300 scientists. The report found that climate change is impacting people all over the globe and will cost the U.S. economy hundreds of billions of dollars.
She wrote that far too many people have suffered from the consequences of global warming, and the political response has been “woefully inadequate.” Patagonia has been a long-time champion of grassroots environmental efforts, and the company has also been vocal in its criticisms of the Trump administration.