Financial experts predict Jeff Bezos' move to Florida you will be well rewarded— and they were right. So far, the Amazon founder's tax savings have been astronomical, amounting to an estimated $1 billion this year alone.
Since moving in early 2024, Bezos has sold an estimated $13.6 billion worth of assets. Amazon stock, According to forbes. Florida has no state income tax or capital gains tax, making it much kinder to billionaires like Bezos who are selling off their assets than his old home state of Washington. Term capital gain is $250,000 or more. If Bezos had still lived in Washington when he sold the stock, he would have been owed $954 million in state capital gains taxes. forbes If you do the math (depending on other deductions and exemptions, he could still owe the federal government about $3.2 billion).
Late last year, Bezos announced his move from Seattle to Indian Creek, Florida. Instagram Posts that characterize the move as both personal and professional: He wanted to be closer to his parents in Miami and his aerospace company, Blue Origin, in Cape Canaveral. Although he did not explicitly mention tax savings, Asset managers at the time said: luck It was clear he was ready to save quite a few pennies — especially since the Sunshine State has no income or capital gains taxes, which is a big reason for many people The super wealthy are flocking there. In recent years (and continue to do so).
Washington State has enacted a capital gains tax. recently survived the abolition movementto help pay for early learning and child care programs and other school projects in 2022.
The Amazon founder spent almost a year making the most of his move to the Miami area. $250 million for three mansions so-called Indian Creek Village Millionaire's Bunkerthe nearby island can only be accessed through a guarded bridge. He counts Jared Kushner and Ivanka Trump, Carl Icahn and Tom Brady as neighbors in the luxury enclave, where he lives with his fiancée Lauren Sanchez.
Another benefit for the ultra-wealthy: Florida There is no inheritance taxwhich could save his heirs billions more.
“For someone with this much wealth, the estate tax savings alone could be $10 billion, never mind the income tax savings, which are ongoing,” says Managing Partner and General Counsel. said John Panthekidis. twin focusmanages over $7 billion for ultra-high net worth individuals. said luck early this year. “Florida is very lucrative for someone like Jeff Bezos. That makes it very cost-effective for people like Jeff to live there. It's ideal, it's nirvana. ”
