Jeff Bezos, the founder of Amazon and one of the richest people in the world, is making a strategic move to save a significant amount of money. By relocating to Miami, Florida, Bezos can avoid paying capital gains tax, which can amount to around $600 million. This move is not just about saving money; it’s also about being closer to his family and his Blue Origin space project in Florida.
Why Miami?
Florida does not have a capital gains tax, unlike Washington, where Bezos previously lived. Washington has a 7% tax on selling financial assets starting in 2022, which would have cost Bezos a substantial amount of money if he had stayed. By moving to Miami, Bezos can keep more of his wealth and avoid paying hefty taxes.
The Impact on Washington
Bezos’ decision to move highlights the potential impact of the capital gains tax on wealthy individuals and the revenue it generates for the state. Washington introduced the tax to fund education and schools, but the move by Bezos shows how it could drive wealthy residents away and affect the state’s tax revenue.
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Jeff Bezos is getting ready to save a huge chunk of money – around $600 million – by moving to Miami, Florida, and selling up to 50 million shares of Amazon. 😲 He’s doing this because Florida doesn’t have a capital gains tax, unlike Washington where he used to live, which has a 7% tax on selling financial assets starting from 2022.
But it’s not just about the money. Bezos also wants to be closer to his family and his Blue Origin space project in Florida. So, he’s making this smart money move to avoid paying hefty taxes if he stayed in Washington.
Washington introduced the capital gains tax to raise money for kids’ education and schools, but Bezos’ move highlights how it could affect rich folks like him and the money the state collects in taxes. 🚀
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