Patagonia Gives $10 Million in Trump Tax Credits to Environmental Groups
By edhat staff
Patagonia, the Ventura-based outdoor clothing company, is donating the $10 million it saved from Trump's tax cuts to non-profit environmental groups.
Last year Republican's passed an overhaul of the U.S. tax code greatly benefiting corporations, downgrading their corporate tax rates from 35% to 21%.
Last week Patagonia stated the massive donation is in addition to their annual non-profit donation of 1% of sales. The $10 million was added after the recent National Climate Assessment, the company cited in its announcement.
"Our government continues to ignore the seriousness and causes of the climate crisis. It is pure evil," said Yvon Chouinard, Patagonia's founder. "We need to double down on renewable energy solutions. We need an agriculture system that supports small family farms and ranches, not one that rewards chemical companies intent on destroying our planet and poisoning our food. And we need to protect our public lands and waters because they are all we have left."
The government report warned that natural disasters are worsening in the U.S. because of global warming. It stated violent weather and floods have led to costs of nearly $400 billion since 2015 and the potential for annual losses hundreds of billions of dollars. Though economists agree with the general financial conclusions related to climate change, President Donald Trump has rejected the report's assessment regarding the potential economic impact, reports NBC News.