Jeff Bezos is set to save upwards of $600 million in taxes after the Amazon founder fled Washington's new capital gains tax on stock sales for Miami, Florida.
Amazon founder Jeff Bezos' recent move from Seattle, Washington, to Miami, Florida, is saving him big bucks in taxes. Neither Washington nor Florida has state income taxes, but the billionaire businessman will be able to save hundreds of millions of dollars in taxes just from his recently announced sales of Amazon stock over the next year, because he will not be beholden to Washington's 7% tax on capital gains in excess of $250,000.
The outlet noted Bezos has sold billions in Amazon shares annually since 1998, but he left Washington last year before the state's new capital gains tax kicked in. Bezos announced in November that he was leaving Seattle, where he started Amazon nearly 30 years prior, and moving back to Miami, where he grew up. He said at the time that he was making the big switch to the Sunshine State in order to be closer to his parents, who recently returned there. JEFF BEZOS, LAUREN SANCHEZ HIT ST.
Bezos also mentioned that the operations of Blue Origin – his space exploration company – are increasingly shifting to Cape Canaveral, Florida, and that he and his fiancée Lauren Sanchez "love" Miami. GET FOX BUSINESS ON THE GO BY CLICKING HERE Bezos is currently the third-richest person in the world with an estimated net worth of $194 billion, according to Forbes.
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