Tax law allowed the Schonards to go from wealth of approximately zero to $3 billion without paying much tax along the way. The fact that we allow you to amass a lot of wealth without paying taxes also allows Elon Musk to do the same thing and not give his money to charity, but instead use it to fly to space or harass Twitter. You can use the tax advantages of Section 501c4 status for good or evil. The Schonards are using it for really, really, really good.
The billionaire founder of Patagonia is giving away his company to fight climate change. He’s also getting a giant tax break.
This episode was produced by Victoria Chamberlin, fact-checked by Laura Bullard, engineered by Paul Robert Mounsey, and edited by Sean Rameswaram, who also hosted.
Transcript at vox.com/todayexplained
Support Today, Explained by making a financial contribution to Vox! bit.ly/givepodcasts
Learn more about your ad choices. Visit podcastchoices.com/adchoices