Amazon founder Jeff Bezos’s move to Florida pays off handsomely, saves $1 billion in taxes; here are other areas he benefited
According to Fortune, since his relocation from Washington to Indian Creek which is located in Florida, Jeff Bezos has sold approximately $13.6 billion worth of Amazon stock. The lack of a state income tax and capital gains tax in the state of Florida actually makes it a favorable environment for billionaires like Jeff Bezos specifically compared to Washington which has enacted a 7% capital gains tax on profits exceeding $250,000.
The decision of Jeff Bezos to move to Florida was actually motivated by personal and professional reasons while including proximity to his parents and his aerospace company named Blue Origin, asserted Fortune. If Jeff Bezos had remained in the state of Washington during his stock sales then he would have faced a substantial capital gains tax bill of nearly $954 million.
While in addition to income tax savings, Florida's absence of an estate tax could potentially save the heirs of Jeff Bezos nearly billions.
Eminent experts note that the tax policies of Florida are increasingly attracting ultra-wealthy individuals, noted Fortune. At the same time, Jeff Bezos continues to be one of the richest people throughout the globe with a net worth which is estimated at $250 billion even after selling out significant amounts of stock.
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