Financial experts predicted Jeff Bezos’s move to Florida would pay off handsomely—and they were right. So far, the Amazon founder’s tax savings have been astronomical, worth an estimated $1 billion this year alone.
Since his move in early 2024, Bezos has sold an estimated $13.6 billion worth of Amazon stock, according to Forbes. With its lack of not only a state income tax but also a capital gains tax, Florida is much more friendly to billionaires like Bezos who are selling off their assets than his former home state of Washington, which recently enacted a 7% levy on long-term capital gains of more than $250,000. Had Bezos still lived in Washington when he sold his stock, he would have had a $954 million state capital gains tax bill, Forbes calculated (he may still owe around $3.2 billion to the federal government, depending on other deductions and credits).
