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Patagucci
- Thread starter john4surf
- Start date
So if he decides to give all profits to non-profit entities instead of a portion to the tax man, is it still a a-hole corporate move?
Yes, because he is not really giving anything away. The guy spelled it out clearly in the vid. He is shuffling money to avoid taxes like other billionaires do.
I don't buy clothes any more.
My sister gives me her son's old clothes.
I'm wearing his Oneil shorts as I am typing this
My sister gives me her son's old clothes.
I'm wearing his Oneil shorts as I am typing this
Patagonia sells wholesale to the special operations community.
Let that sink in.
That being said- I like their stuff.
Let that sink in.
That being said- I like their stuff.
Just cause someone makes a YouTube video doesn’t make it true. The donation cost the family $17.5 million cause it was donated to a trust. Here’s a New York Times article about it. Similar info on WSJ too.
Billionaire No More: Patagonia Founder Gives Away the Company (Published 2022)
Yvon Chouinard has forfeited ownership of the company he founded 49 years ago. The profits will now be used to fight climate change.
You do realize that 17 million is only a little over a half a percent of Patagonias net worth of 3 billion. So ya...basically they paid no taxes.
The company is only worth $3 billion if they sold it. And the daughter and son don’t pay inheritance taxes because they didn’t inherit the company.
Their donation can’t be written off and it’s not a non-profit because they want the trust to be able to financially support political campaigns that are environmentally like-minded.
So instead of taking a big tax write-off by donating the company to a non-profit it cost the family $17.5 million in taxes.
Just because the NYT and WSJ write about something does not mean what they write is without bias. NYT is paywalled, but from their title, they show their bias, and just that title is misleading and false.Just cause someone makes a YouTube video doesn’t make it true. The donation cost the family $17.5 million cause it was donated to a trust. Here’s a New York Times article about it. Similar info on WSJ too.
Billionaire No More: Patagonia Founder Gives Away the Company (Published 2022)
Yvon Chouinard has forfeited ownership of the company he founded 49 years ago. The profits will now be used to fight climate change.www.nytimes.com
His company is being donated to a 501C4 nonprofit he set up and is under his and his family's control for perpetuity. The family still owns controlling stock. Nothing changed except labels.
How is that not a shell game
'A 501c4 organization, considered a tax-exempt, social welfare organization by the Internal Revenue Service, is not required to disclose its donors but must disclose money granted to other organizations equal to $5,000 or more. 501c4 organizations can engage in political lobbying and endorse candidates related to their organizational mission.*'
Even if Chouinard is the good guy with billions of dollars fighting for the planet, what happens when Bezo's and Zuck do the same but have an opposing agendas?
Are we returning to a new age of Kings?
Here is another article that, like the hyper, spastic video guy is more concerned with the larger problem this type of action billionaires are taking for consolidating power/money generationally.
Two ways to think about Patagonia's $3 billion climate donation
The outdoor retailer, with a history of sustainability and environmental efforts, once told people to “think twice” before buying one of its iconic jackets. Now, in the wake of their decision to give away the company, some observers are in fact thinking twice— about whether the giveaway is...
grist.org
Dude, they are avoiding a $700 million tax bill.Just cause someone makes a YouTube video doesn’t make it true. The donation cost the family $17.5 million cause it was donated to a trust. Here’s a New York Times article about it. Similar info on WSJ too.
Billionaire No More: Patagonia Founder Gives Away the Company (Published 2022)
Yvon Chouinard has forfeited ownership of the company he founded 49 years ago. The profits will now be used to fight climate change.
Patagonia Billionaire Who Gave Up Company Skirts $700 Million Tax Hit
Founder Yvon Chouinard structured the transfer of his firm in a way that keeps control within the family and avoids taxes.
www.bloomberg.com
These guys are laughing all the way to their private jets.
The tax part(money) isn’t the shady thing about the donation. It’s that the family will still have control over business decisions and political clout when the trust doles out grants and campaign contributions.
I’m going surfing have a nice weekend.
I’m going surfing have a nice weekend.
I have a friend who works for a non-profit that’s dedicated to the removal of invasive species in Van Cortland Park in the Bronx. He said every quarter Patagonia sends them a pallet full of clothes and outerwear and the employees get to take whatever they want. I’m sure it’s a tax write off but so what?
it’s that Patagonia makes an entire brand on holier than thou stuff and then turns around and sells to the department of defense.
if they truly were all about it they’d tell DOD to buy their stuff retail.
Like I said, 17 million is only a little over half a percent of 3 billion. Do the math. That is nothing.
Lets just hope that they actually use their money like they say they will. I hope you see what I mean when I say that 17 million is only half a percent of their net wealth. That is crazy!
Lets just hope that they actually use their money like they say they will. I hope you see what I mean when I say that 17 million is only half a percent of their net wealth. That is crazy!
Patagonia is for people who spend a ton of money at whatever hobby they are into but still are trash at it. They bring along all these contraptions to the ski slope but can't even 360 or hit a rail for sh!t on their Kästle skis 
Some greasy Kincos let everyone know you know how to party, hard.Patagonia is for people who spend a ton of money at whatever hobby they are into but still are trash at it. They bring along all these contraptions to the ski slope but can't even 360 or hit a rail for sh!t on their Kästle skis
