Patagonia founder's big donation potentially saves him over $1 billion in taxes — and shows how the wealthy aren't subject to the same rules as the rest of us
. What wasn't heralded so loudly: He could be avoiding more than a billion dollars in taxes while doing so.announcing the move
It was a huge move, and it instantly lit up the business world. It also might give Chouinard and his family a big tax break, experts who monitor such big transactions told Insider.that the family's voting stock — about 2% of all shares — was being transferred to a new trust run by family members and advisers, called the Patagonia Purpose Trust. The rest of the privately owned company's stock, which the family now holds, will go to a new nonprofit called Holdfast Collective.
"Patagonia pays its taxes," the spokesperson said."We have at times advocated for increased corporate tax rates to support climate initiatives. We did this most recently in our support of the Build Back Better plan – we said we would be willing to pay a higher corporate tax rate for stronger climate policies."
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