Current Events > Jeff Bezos will move to Florida, cash out billions and then pay less tax than us

(+) Yeah! (+)

But someday Ill be a billionaire too so I dont want them to have to pay taxes.

The American tax code is a fucking joke

I mean, "rich people paying less tax than us" is a perfect case for the 2nd amendment fanatics to rise up, right? Remember when Activision paid 0 tax in a year and yet got a tax return? That's the BIG GUVMENT literally stealing from you.

Nah, it's only BIG GUVMENT when prosecutors try to put a criminal president in jail for crimes he admitted to doing.

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"

How does moving to Miami effect capital gains?

See post #12

Washington state implemented a capital gains tax on profits over 250k in a year.

Thank you. Topic title is misleading?

Meanwhile I owed a couple thousand dollars because my work didn't take out enough from each paycheck a couple years back. Pretty sad how rigged this system is. Dude has essentially infinite wealth but it's not enough, has to hoard and hoard till there's nothing left

See post #12

Washington state implemented a capital gains tax on profits over 250k in a year.

Shouldn't Bezos still need to pay it then? He might not for his 2025 taxes considering he'll have moved, but he spent 2023 in Washington, so he should pay the capital gains tax regardless of where he moves? Heck, even next year, he's probably made over 250k in profits already, meaning he'd still have taxes to pay Washington for the 2 month's he's lived there this year.

Or I might just be totally misunderstanding this whole topic.

Shouldn't Bezos still need to pay it then? He might not for his 2025 taxes considering he'll have moved, but he spent 2023 in Washington, so he should pay the capital gains tax regardless of where he moves? Heck, even next year, he's probably made over 250k in profits already, meaning he'd still have taxes to pay Washington for the 2 month's he's lived there this year.

Or I might just be totally misunderstanding this whole topic.

Personally, I think keeping an extra $600 million is not worth having to live in Florida, but you do you, Bezos.

Won't Florida eventually disappear once climate change worsens the state's environment to the point of no return?

The dude made more money in a hour then most people will in their entire lives, Hell he made more money in a hour then 4 people will make in a lifetime, Let that sink in and then realize that there are people who think he deserves more money and that this system is just perfectly fine

Yes, he's following the steps of other rich people, leave blue states and go to states like Texas and Florida to avoid the taxes they should pay.

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"

Not really sure you can call moving from a high tax state to a low tax state a "rigged system"

something entirely streamlined and controlled at a purely federal level.

how much does he spend on employees?

So Jeff made all of his money in Seattle the past couple of decades then when he wants to get cruise around with his luxury yacht and new wife he's not going to pay his dues he's just going to move out and pay anything back... awesome argument from you bro

Which employees? The ones working in warehouses whose bathroom breaks are timed or the ones driving delivery trucks who pee in bottles because they're not given bathroom breaks at all?