Jeff Bezos Move to Miami from Washington
Jeff Bezos’ move to Miami to cost Washington millions in tax revenue Billionaire Amazon founder Jeff Bezos announced on the 2nd of November that he is leaving Washington state for sunny Miami, Florida, which means the Evergreen State is likely to see a significant loss in tax revenue from its wealthiest resident.
The planned move will benefit Bezos financially if he sells Amazon shares, since Florida, unlike Washington, does not have a capital gains tax. In January 2022, Washington enacted the 7% tax on the sale of financial assets despite a legal challenge. Earlier this year, the state Supreme Court upheld the constitutionality of the capital gains tax.