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Bezos’ High-Profile Move Draws Attention, Saves $600M in Taxes

via PBS
This article was originally published at StateOfUnion.org. Publications approved for syndication have permission to republish this article, such as Microsoft News, Yahoo News, Newsbreak, UltimateNewswire and others. To learn more about syndication opportunities, visit About Us.

Amazon founder Jeff Bezos is set to save an estimated $610 million in taxes by selling 50 million shares of Amazon due to his relocation from Seattle to Miami.

The move to Florida’s Indian Creek will exempt him from Washington’s 7% capital gains tax on stock and bonds, resulting in significant tax savings.

Bezos recently sold nearly 12 million Amazon shares, worth over $2 billion, avoiding state taxes and saving $140 million.

His planned sale of 50 million shares, valued at $8.4 billion, is expected around Feb. 7.

Bezos’ decision to sell shares aligns with Washington’s new tax law, which came into effect in 2022.

After stepping down as Amazon’s CEO in 2021, Bezos has focused on other ventures, such as Blue Origin and philanthropy.

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