Amazon founder Jeff Bezos recently moved from Seattle, Washington to Miami, Florida, which is saving him significant taxes. Neither Washington nor Florida have state income taxes, but Bezos will avoid Washington's 7% capital gains tax on stock sales over $250,000. Bezos plans to sell $2 billion worth of Amazon shares in 2024, which would have cost over $610 million in taxes if he remained a Washington resident. Since 1998, Bezos annually sells billions in Amazon shares, but left Washington before a new state capital gains tax took effect.
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00:00 It's Benzinga and here's what's on the block.
00:02 Amazon founder Jeff Bezos recently moved from Seattle, Washington to Miami, Florida,
00:06 which is saving him significant taxes. Neither Washington nor Florida have state income taxes,
00:12 but Bezos will avoid Washington's 7% capital gains tax on stock sales over $250,000.
00:18 Bezos plans to sell $2 billion worth of Amazon shares in 2024, which would have cost over $610
00:25 million in taxes if he remained a Washington resident. Since 1998, Bezos annually sells
00:31 billions in Amazon shares but left Washington before a new state capital gain tax took effect.
00:36 For all things money, visit Benzinga.com.