Jeff Bezos’ decision to move from Seattle to Miami could save him over $600 million in taxes, according to recent company filings. Bezos, the co-founder and CEO of Amazon, plans 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 he also stated that he wanted to be closer to his parents and Blue Origin’s base of operations at Cape Canaveral. He and his fiancée 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, steadily closing the wealth gap between himself and Elon Musk, the current richest person on the planet.
Amazon did not immediately respond to a request for comment from Business Insider made outside normal working hours.