Outdoor Retailer Will Donate $10M It Saved From Trump Tax Cut
Patagonia's CEO called out President Trump's $1.5 trillion tax overhaul as "irresponsible."
Outdoor retailer Patagonia says it's going to owe $10 million less in taxes this year because of President Trump's tax cut — so it's planning to donate all that money to environmental groups.
Patagonia's CEO Rose Marcario made the announcement in a LinkedIn post, calling the Trump administration's tax cut "irresponsible."
President Trump permanently lowered the corporate tax rate from 35 percent to 21 percent as part of a $1.5 trillion tax overhaul he signed into law last year.
In her post, Marcario wrote, "Instead of putting the money back into our business, we're responding by putting $10 million back into the planet. Our home planet needs it more than we do."
Patagonia's announcement comes just days after the U.S. government released a report warning that climate change will devastate the U.S. unless greenhouse gas emissions are immediately and substantially reduced.
The retailer's donation is being made on top of its "1% for the Planet" campaign, which pledges 1 percent of sales to environmental preservation and restoration groups. Since it began giving in 1985, Patagonia has given more than $89 million to grassroots groups.
Additional reporting from Newsy affiliate CNN.
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