Founder of Amazon: Jeff Bezos saving hundreds of million in taxes.
Founder of amazon made a move which helps him in saving big numbers in terms of paying taxes. He would still be liable to pay a lot if he would have been staying in Seattle, Washington.
The billionaire businessman Jeff Bezos will be able to save millions, Well hundreds millions of dollars in taxes just from his recently announced sales of his Amazon stock. As he will not be obligated to Washington’s 7% tax on capital gains in excess of $250,000.
Amazon, where Mr. Bezos is currently serving as an executive chair stated that “Its billionaire founder had a trading plan for selling a maximum no of 50 million shares. It is a well-designed plan he made in the month of November. The sales will occur “over a period” ending Jan. 25 of next year ” obviously it is subject to certain conditions.”
Currently, Jeff Bezos the amazon founder is the 3rd richest person in the world. He just purchased a new mega mansion in Miami island. Jeff Bezos has agreed to pay $68 million for an estate in India Creek which by the way is man-made island situated near Miami, Florida.
The best part is that neither Florida nor Washington has any state income taxes. Jeff Bezos and Lauren recently arrived at the Art Basel exhibition in Miami Beach on Dec. 7, 2023.
According to a report from CNBC, Bezos’ planned stock sale of some $2 billion worth of Amazon shares in 2024 would have cost him upwards of $610 million if he were still a Washington resident. Mr. Bezos left Washington last year before the state’s new capital gains tax kicked in.
Bezos also announced in November that he was leaving Seattle where he laid foundation of Amazon nearly 30 years prior, and moving back to Miami, where he grew up. He said at the time that he was making the big switch to the Sunshine State so that he can be closer to his parents, who recently returned there.
Bezos further mentioned that the operations of Blue Origin which by the way is his space exploration company – are increasingly shifting to Cape Canaveral, Florida. He and his fiancée Lauren Sanchez love Miami.
Given the saving of taxes & shifting to a new manmade island house close to Florida, Miami, We are sure that both Mr. Bezos and his wife are excited and happy. We bid them best wishes.
