Daniel Hemel

Photo: Anthony Behar/Sipa USA (AP)The founder of Patagonia said this week in an exclusive interview with the New York Times that he’s giving away his company to support environmental protection. Yvon Chouinard, the rock-climber-turned-businessman who has long pushed his company as the face of progressive corporate environmentalism, told the Times that he wants to “give away the maximum amount of money to people who are actively working on saving this planet.” But even in what seems like a best-case development for green…

WASHINGTON—Business owners are likely saving more than $10 billion annually in federal taxes through state laws that circumvent the $10,000 cap on state and local tax deductions, according to a Wall Street Journal analysis of state data.The state laws blunt the cap’s effect on owners of closely held businesses such as law firms, hedge funds, manufacturers and car dealerships, while workers earning wages generally can’t take advantage. The strategy, now available in 27 states, converts business owners’ personal income…