Current Events > Amazon founder Jeff Bezos completes $8.5bn share sale plan

(+) Yeah! (+)

https://www.bbc.com/news/business-68355811

Multi-billionaire Jeff Bezos has sold another 14 million Amazon shares, worth around $2.4bn (1.9bn).
The latest sale brings the total number of shares he has sold in the firm over the last nine trading days to about 50 million, with a value of around $8.5bn.
The tech giant had previously said Mr Bezos would sell up to 50 million shares by the end of January 2025.
His sales of Amazon stock comes after they have risen by more than 76% in the past year.
Mr Bezos, who is the firm's founder and executive chair, had previously last sold Amazon shares in 2021.
He has also given away shares in Amazon as part of his philanthropy, most recently in 2022.
As Mr Bezos moved to Miami in Florida from Seattle in Washington last year, he will save almost $600m in tax on the $8.5bn worth of stock he has sold.
Gains above $250,000 from the sale of shares or other long term investments, are taxed at 7% in Washington state. Florida does not have state taxes on incomes or capital gains

Is saving $600m worth moving to Florida?

LeoRavus posted...

Is saving $600m worth moving to Florida?

yes, when its just "moving" to Florida

LeoRavus posted...

Is saving $600m worth moving to Florida?

It's a paper address

Of course it is, piece of shit would have "moved" to save tree fiddy

Don't you have to live in a state for like 200 days to be considered a resident?

Gains above $250,000 from the sale of shares or other long term investments, are taxed at 7% in Washington state. Florida does not have state taxes on incomes or capital gains

But we can't afford universal healthcare, folks. Sorry, the money's just not there.

LeoRavus posted...

Don't you have to live in a state for like 200 days to be considered a resident?

He "moved" last year some time.

darkace77450 posted...

But we can't afford universal healthcare, folks. Sorry, the money's just not there.

don't stop there

Capital gains tax rate is capped at 20%, so if you are a single taxpayer any taxable income you make above roughly $43k I believe (going off memory, did not look this up) is taxed at a higher rate than Bezos's 8.5 BILLION DOLLARS.

DarthAragorn posted...

don't stop there

Capital gains tax rate is capped at 20%, so if you are a single taxpayer any income you make above roughly $43k I believe (going off memory, did not look this up) is taxed at a higher rate than Bezos's 8.5 BILLION DOLLARS.

Of course. Taxes are for poor people only. Working as intended.

DarthAragorn posted...

don't stop there

Capital gains tax rate is capped at 20%, so if you are a single taxpayer any taxable income you make above roughly $43k I believe (going off memory, did not look this up) is taxed at a higher rate than Bezos's 8.5 BILLION DOLLARS.

Bezos is still paying the 20% federal long term capital gains tax, which starts at like $480k/year

AngelsNAirwav3s posted...

Bezos is still paying the 20% federal long term capital gains tax, which starts at like $480k/year

Why is he paying taxes at all? Like all billionaires he has options to get around them.

AngelsNAirwav3s posted...

Bezos is still paying the 20% federal long term capital gains tax, which starts at like $480k/year

...yes, which is why I said the capital gains tax rate is capped at 20%

The "gains" is from ruthless exploitation of the working class and capitalizing on the pandemic. I hate him.

DarthAragorn posted...

...yes, which is why I said the capital gains tax rate is capped at 20%

I am struggling to see how someone making $43k/year has to pay a higher rate on their long term capital gains than Jeff Bezos

AngelsNAirwav3s posted...

I am struggling to see how someone making $43k/year has to pay a higher rate on their long term capital gains than Jeff Bezos

can you read

because it really seems like you can't

DarthAragorn posted...

can you read

because it really seems like you can't

we all cant read :(.

DarthAragorn posted...

can you read

because it really seems like you can't

That's not reading at all, why don't you just explain it?

Basically: if you make a certain amount of money (a lot) you will pay proportionately less than someone paying 7% of their taxable money. I guess?

PraxagoraKassan posted...

That's not reading at all, why don't you just explain it?

Basically: if you make a certain amount of money (a lot) you will pay proportionately less than someone paying 7% of their taxable money. I guess?

I'm going to try to put this in the dumbest possible terms

Jeff Bezos's $8.5 billion dollars in income is taxed at 20% because it's capital gains, and the highest possible tax rate for capital gains is 20%. If someone works for a living their income is ordinary income. If they're single (not married) and make over $43k in taxable income, any amount of ordinary income over that $43k is taxed at a minimum of 22%. 22% is a higher percentage than 20%.

I can try to dumb it down just a little bit further. Rich people who make money just from having money have that money taxed at a lower percentage than middle class people who work to earn an income.

I guess I could explain the differences between long term capital gains, short term capital gains, and ordinary income, the risks/benefits of each, and why they are taxed at different rates but I think its pretty clear you have no interest in a good faith discussion

I could explain to you how jeff bezos isn't going to fuck you but I think everyone here knows you would never acknowledge that

AngelsNAirwav3s posted...

long term capital gains,

"Long term capital gains." What a crock of shit.

To get the long term capital gains all you need to do is hold on to an investment for a year. That's not long term, that's not even medium term. Setting it to one year means that basically anyone who isn't a day trader can get the tax break.

DarthAragorn posted...

I'm going to try to put this in the dumbest possible terms

Jeff Bezos's $8.5 billion dollars in income is taxed at 20% because it's capital gains, and the highest possible tax rate for capital gains is 20%. If someone works for a living their income is ordinary income. If they're single (not married) and make over $43k in taxable income, any amount of ordinary income over that $43k is taxed at a minimum of 22%. 22% is a higher percentage than 20%.

I can try to dumb it down just a little bit further. Rich people who make money just from having money have that money taxed at a lower percentage than middle class people who work to earn an income.

Ok that sees a bit unrelated

BTW, billionaires are bad