Jeff Bezos Could Potentially Save $600 Million in Taxes by Moving Stock Sale to Miami

Jeff Bezos’ decision to move from Seattle to Miami could result in significant tax savings for the Amazon founder. According to recent company filings, Bezos is planning to sell 50 million shares in the e-commerce giant by 2025. Since Florida does not have a capital gains tax, CNBC has calculated that Bezos stands to save around $600 million in taxes compared to if he sold the shares while living in Seattle, which has implemented a 7% capital gains tax.

Bezos has described his move as an “emotional decision” but also cited his desire to be closer to his parents and Blue Origin’s base of operations at Cape Canaveral as reasons for the relocation. He and his fiancĂ©e Lauren Sanchez have already purchased at least two properties in Miami’s Indian Creek district, also known as “Billionaire Bunker.” Last week, Bezos sold off 12 million shares of Amazon stock, further narrowing the wealth gap between himself and Elon Musk, who is currently the richest person on the planet.

Amazon did not respond to a request for comment from Business Insider outside normal working hours.

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