Patagonia gives tax windfall to environmental groups | Fin24
 
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Patagonia gives tax windfall to environmental groups

Nov 30 2018 20:40
AP

Ventura — Patagonia, the outdoor gear company, is passing along the $10m (about R138m) it saved from tax cuts to non-profit environmental groups.

Corporations received a windfall from the GOP's sweeping overhaul of the US tax code last year, which slashed corporate rates from 35%, to 21%.

The California company said Wednesday that the donation is in addition to 1% of sales it gives to environmental groups every year.

The donation is being made on the heels of the recent National Climate Assessment, which Patagonia cited in its announcement.

The report warned that natural disasters are worsening in the US because of global warming. It said violent weather has led to costs of nearly $400bn (about R5.5 trn) since 2015 and the potential for annual losses hundreds of billions of dollars.

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tax  |  environment
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