Billionaire Jeff Bezos and his fiance Lauren Sanchez saved $600 million in taxes just by moving to Florida.
The accounting windfall resulted from the $2 billion sale of Amazon stock.
Bezos, 59, who is in a three-way race with Microsoft’s Bill Gates and Tesla’s Elon Musk to become America’s richest man, announced in November that he would be leaving Seattle, where he has worked for 30 years. –This is what he said on the outside: in an instagram postto be closer to his parents, and his Blue Origin rocket is launched at Cape Canaveral.
“I’ve lived in Seattle longer than anywhere else and have so many great memories here. This move is both exciting and an emotional decision for me. Seattle, you will always be my It’s a part of my heart,” he wrote.
But on Tuesday, Financial News Network CNBC provided another clue In response to his move, Washington two years ago introduced a new 7% capital gains tax on the sale of stocks and bonds worth more than $250,000.
However, Florida does not tax income or capital gains.
Since 1998, Bezos has been involved in projects such as his philanthropic project Blue Origin, new homes on Miami’s “billionaire bunker” island Indian Creek and a $500 million, 417-foot home, the newspaper reported. The company has reportedly sold billions of dollars in Amazon stock to raise money for splashy acquisitions such as Amazon. Megayacht Col.
Last year, after the new tax was introduced, Bezos halted sales of Amazon stock until he notified the U.S. Securities and Exchange Commission that he planned to sell 50 million shares by January 31, 2025, at a current value of That’s equivalent to $8.7 billion.
With the first $2 billion tranche last week, Bezos saved $140 million in taxes he would have paid to Washington state. If Amazon stock continues to rise, total sales over the next two years will be about $610 million or more. This savings is enough to cover Kuro’s expenses.
The cost of relocating to Miami was in itself daunting for the couple, who have so far purchased two homes in Indian Creek, near the mansions of quarterback Tom Brady, Ivanka Trump and her husband Jared Kushner. It has invested $47 million. Investor Carl Icahn.
Real estate brokers in Miami say Mr. Bezos will likely demolish two homes and build new ones. He is also said to be considering other properties on the island, which is itself a municipality and has a mayor.
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Kobi Karp, an architect who has worked in Miami “since the days of Miami Vice and Scarface,” told Bloomberg that the island’s biggest draw is privacy. paul george, History Miami Museum He told the media that the island was “inhabited only by very wealthy people, billionaires.”
Karp added: “We’re not going to lose hundreds of millions more.”
But Bezos’ personal real estate projects may not fully account for the costs involved in moving the billionaire, his fiancée and their support staff across continents. Shortly after Bezos announced the couple’s move to Miami, Amazon announced it was looking for 50,000 square feet of office space near Brickell.
Source: www.theguardian.com
