Jeff Bezos, one of the wealthiest individuals globally and the founder of Amazon, made headlines with his decision to move to Miami. It turns out that Bezos’ decision is based on the fact that Florida, where Miami is located, does not have a capital gains tax.
The renowned entrepreneur, who decided to sell a portion of his Amazon shares, would have had to pay approximately $600 million in taxes if he had sold these shares in Seattle, his former place of residence, as the state imposes a capital gains tax of 7%.
Why did Amazon founder Jeff Bezos make this decision?
However, Bezos stated in his announcement that the reason for the move was to be closer to his family and to spend more time at the Blue Origin operations center in Florida, without mentioning the tax issue. It is known that Jeff Bezos and his fiancée Lauren Sanchez have purchased several private properties in the Indian Creek District, one of the most expensive areas in Miami.
Jeff Bezos, after moving to Miami, recently sold 12 million Amazon shares, significantly increasing his wealth. This move is speculated to allocate resources to his ventures, particularly Blue Origin. However, the famous entrepreneur has not made an official statement regarding the tax allegations.
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