LogFAQs > #978857007

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Topic	Jeff Bezos will move to Florida, cash out billions and then pay less tax than us
AngelsNAirwav3s 02/15/24 11:11:56 AM #12:	This is all about state capital gains taxes. Washington decided to implement a 7% tax on capital gains in 2022, so no surprise people who would be subject to that tax decided to move to Florida, which has no state capital gains tax. He is still paying federal capital gains tax, which is 20%. In 2024, he is selling ~$8.6 billion in shares. Assuming this is all capital gains (which is how this guy calculates the $600 mil), Bezos will still pay $1.72 Billion in federal taxes on this sale alone. Not really sure you can call moving from a high tax state to a low tax state a "rigged system" --- Hello world! <cite>AngelsNAirwav3s posted [p:978857007] in Jeff Bezos... [t:80697332]...</cite> <quote>This is all about state capital gains taxes. Washington decided to implement a 7% tax on capital gains in 2022, so no surprise people who would be subject to that tax decided to move to Florida, which has no state capital gains tax.He is still paying federal capital gains tax, which is 20%. In 2024, he is selling ~$8.6 billion in shares. Assuming this is all capital gains (which is how this guy calculates the $600 mil), Bezos will still pay $1.72 Billion in federal taxes on this sale alone.Not really sure you can call moving from a high tax state to a low tax state a "rigged system" --- Hello world!</quote> ... Copied to Clipboard!
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