If the Shenards had decided to transfer this business in any number of other ways, including selling it, they would have paid way more taxes than the $17.5 million you mentioned. I don't want the fact that they are potentially receiving a big tax advantage to necessarily detract from the reality of what they're doing, which is also pretty radical. If they had pursued other paths, for example, leaving the company to the children entirely, there would have likely been a state taxes there.
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
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