Jeff Bezos will save billions in taxes by moving to Miami

Amazon founder Jeff Bezos is moving from Seattle to Miami. The move will save him billions in taxes, although Bezos made no mention of this happy coincidence when breaking the news to his 4.1 million Instagram followers.

“I want to be close to my parents, and Lauren [Bezos’s fiancee, Lauren Sanchez] and I love Miami,” he said.

Bezos, who went to high school in Miami, added that his space company, Blue Origin, was also increasingly shifting its operations to Florida. No mention of the potential tax savings, which are substantial.

Earlier this year, the Washington Supreme Court upheld the state’s new 7 per cent capital gains tax. Fortunately for Bezos, who sold some $30 billion in Amazon stock over the years, capital gains are not taxed in Florida.

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Additionally, Washington state levies a 20 per cent estate tax on a decedent’s estate. There is no inheritance tax or estate tax in Florida. Family and lifestyle may well be the main factors driving Bezos’s move. Still, given he holds some $140 billion in Amazon stock, it’s wise to assume the tax savings didn’t entirely slip his mind.