Bezos Rejects Democratic Seattle For Conservative Florida’s Tax Haven
Amazon founder Jeff Bezos announced last week that he is fleeing Seattle for the much warmer and tax-friendly climate of Florida. He has already purchased multiple mansions for his move.
The 59-year-old billionaire, one of the world’s richest individuals, claimed he is moving to the Sunshine State to be closer to his parents. This explanation failed to mention the literal billions he will save on taxes in the Republican stronghold.
Policies driven by leftist Washington state and Seattle leaders are driving several businesses and business leaders to greener pastures.
Bezos in recent weeks bought a $79 million mansion on Florida’s “Billionaire Bunker” island. This massive dwelling sits next door to a $68 million home he purchased in the summer.
His plans reportedly call for bulldozing the earlier purchase to build a gigantic mansion on the property.
Much of the unspoken reasoning for the move is clear when considering the tax situations in the two states. The Amazon founder’s soon-to-be former home taxes capital gains at a 7% rate over $250,000 while Florida has no such tax.
Bezos has sold billions in Amazon stock over the years, so avoiding the oppressive Washington capital gains tax will be quite lucrative.
Further, Washington’s estate tax — sometimes called a “death tax” — applies to estates valued at over $2.19 million. This, of course, means the vast majority of Bezos’ holdings will fall under that tax penalty.
And again, Florida does not levy an estate tax.
Seattle is also a socialist stronghold and home to some of the more radical elements in American politics. A great recent example is found in councilmember Kshama Sawant, a proud adherent to the Socialist Alternative Party.
She implored the city’s residents to conduct “rent strikes.” On top of this, she advocated for rent control and heavy taxes on the rich and corporations such as Amazon to fund massive social housing projects and homeless services.
Bezos is well-known for his support of leftist causes. However, the 59-year-old billionaire is believed by many to be making a wise financial decision and voting with his feet.
It just so happens that he is uprooting and relocating to a Republican stronghold with a far more friendly tax structure. Other wealthy Americans will undoubtedly take heed.
