Here’s Why This CEO Just Gave Away Her Company’s $10M Tax Windfall
Because of the corporate tax cut, Patagonia owes $10 million less in taxes this year.
Patagonia CEO Rose Marcario announced the company would be donating the extra funds to environmental groups.
Marcario also denounced the tax cut, stating that it was “threatening these [public] services at the expense of our planet.”
Already thinking about what to do with your 2019 tax refund? Consider paying it forward. That’s what Patagonia CEO Rose Marcario is doing with an extra $10 million her company will get to keep this year thanks to the corporate tax cut that rolled out as part of the Tax Cuts and Jobs Act.
“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,” Marcario wrote on LinkedIn. “Our home planet needs it more than we do.”
Marcario’s post notes that global warming is causing sea levels to rise, making droughts worse and causing species to go extinct more quickly. The effects of global warming go beyond the environment, she said, pointing to the recent National Climate Assessment report that found that climate change could end up costing the U.S. economy billions.
“Far too many have suffered the consequences of global warming in recent months, and the political response has so far been woefully inadequate — and the denial is just evil,” wrote Marcario.
Marcario said the $10 million that Patagonia is saving due to the cut will go to “groups committed to protecting air, land and water and finding solutions to the climate crisis. … 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.”
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The successful female CEO further critiqued President Donald Trump’s Tax Cuts and Jobs Act.
“Taxes fund our important public services, our first responders and our democratic institutions,” Marcario wrote. “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.”
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This article originally appeared on GOBankingRates.com: Here’s Why This CEO Just Gave Away Her Company’s $10M Tax Windfall
