Jeff Bezos’ decision to move from Seattle to Miami could result in significant tax savings for the billionaire. According to CNBC calculations, the move could save Bezos over $600 million in taxes, as Florida does not have a capital gains tax unlike Washington state. This is a major advantage for Bezos, who plans to sell 50 million shares of Amazon stock by January 31, 2025. With this sale expected to raise $8.6 billion at Tuesday’s prices, Bezos would be able to keep more of his earnings without worrying about paying capital gains taxes.
Bezos announced his decision to move to Miami in November 2021, citing it as an “emotional decision” that was driven by his desire to be closer to his parents and Blue Origin’s base of operations at Cape Canaveral. He has since purchased two properties in Miami’s flashy Indian Creek district, which is located on a private island in Biscayne Bay known as “Billionaire Bunker.” The billionaire has also sold off 12 million shares of Amazon stock in his first major sale since 2021 last week, further closing the wealth gap between himself and Elon Musk.
Amazon did not immediately respond when Business Insider requested comment on this matter outside of normal working hours.