Breaking news in the world of the rich and famous: Jeff Bezos, the brain behind Amazon, is trading in Seattle’s drizzle for the sunny shores of Florida. The billionaire, worth a jaw-dropping $160 billion, spilled the beans on his Instagram, revealing a heartwarming reason for the move – to be closer to his folks who recently settled down in Miami.
In his post, Bezos shared, “My parents have always been my biggest supporters,” adding that the shift is also in sync with his space exploration company, Blue Origin, ramping up activities at Cape Canaveral.
But it’s not just family ties and space adventures driving this move. Florida’s lack of a capital gains tax is like music to Bezos’s ears, especially considering he’s sold around $30 billion in stock since 2002. That’s a hefty chunk of change saved!
Making Miami Home
Despite claiming Miami as his new HQ, don’t expect Bezos to be browsing Zillow for a new pad. Nope, he’s already got it sorted – a $68 million mansion on the swanky Indian Creek, aka “Billionaire Bunker.” And if that wasn’t enough, he snagged his neighbor’s property for a cool $79 million in October.
Beyond Miami, Bezos, known for his love of luxury wheels and private jets, has a property collection that’s the envy of us mere mortals, totaling a casual half-billion dollars.
Dodging Taxes and Legal Jargon
Now, there’s a bit of buzz about whether Bezos’s move is a strategic tax dodge. Word on the street is that a recent 7% capital gains tax in Washington State may have nudged him towards the Florida sun. The legal dance around it is interesting – Washington State sees it as an excise tax, not income tax, a move to navigate their lack of state income tax.
For Bezos and his wealthy pals, it’s a common game. While us regular folks get taxed on every paycheck, these big shots often skate by, only feeling the tax pinch when they cash in their assets. And guess what? Florida doesn’t throw any extra taxes in that mix, making it a jackpot for the super-rich.
So, as Bezos bids adieu to the Pacific Northwest, he’s leaving a piece of his heart in Seattle, assuring them they’ll always have that. Meanwhile, Amazon is here to stay in the city where it all began.
Also read: Taxing the Super-Rich at 2% Could Yield $250 Billion Annually
