Morning Jolt: The Socialist Billionaire Who’s Getting a Sweet Tax Deal

On the menu today: Earlier this week, billionaire Patagonia founder Yvon Chouinard — a self-described socialist who contends that every billionaire represents a policy failure — announced that "Earth is now our only shareholder" and that he was transferring control of his company to a newly founded environmentalist organization. Of course, the move allows Chouinard and his family to avoid paying hundreds of millions of dollars in federal capital-gains taxes and estate and gift taxes. This week, Chouinard and Patagonia got the world to believe the narrative they wanted it to believe.

Yvon Chouinard's Devious Narrative

Chouinard popped up on my radar screen back in autumn 2019 — a lifetime ago, considering everything that's happened since then — when I noticed him on the cover of Fast Company magazine ...

TODAY'S MORNING JOLT WITH JIM GERAGHTY IS PRESENTED BY

WITH JIM GERAGHTY September 16 2022 WITH JIM GERAGHTY September 16 2022 The Socialist Billionaire Who's Getting a Sweet Tax Deal On the menu today: Earlier this week, billionaire Patagonia founder Yvon Chouinard — a self-described socialist who contends that every billionaire represents a policy failure — announced that "Earth is now our only shareholder" and that he was transferring control of his company to a newly founded environmentalist organization. Of course, the move allows Chouinard and his family to avoid paying hundreds of millions of dollars in federal capital-gains taxes and estate and gift taxes. This week, Chouinard and Patagonia got the world to believe the narrative they wanted it to believe. Yvon Chouinard's Devious Narrative Chouinard popped up on my radar screen back in autumn 2019 — a lifetime ago, considering everything that's happened since then — when I noticed him on the cover of Fast Company magazine ...   READ MORE

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