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.
According to a report from CNBC, Bezos' planned stock sale of some $2 billion worth of Amazon shares in 2024 would have cost him upwards of $610 million if he were still a Washington resident.
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.
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.
Bezos is currently the third-richest person in the world with an estimated net worth of $194 billion, according to Forbes.