Amazon founder and billionaire Jeff Bezos will save an estimated $610 million in taxes after he sells 50 million shares of Amazon, thanks to his move from Seattle to Miami last year, CNBC reported Monday.
The state of Washington imposed a 7% capital gains tax on sales of stock and bonds more than $250,000 in 2022. Meaning, that by the time Bezos unloads 50 million shares before Jan. 31, 2025, his address at "Billionaire Bunker" at Indian Creek, Florida, will save him hundreds of millions.
Bezos last week sold nearly 12 million common shares of Amazon stock worth more than $2 billion last week, according to a filing with federal regulators. Bezos avoided paying state taxes on that sale, too, meaning he saved $140 million that he would have paid if still living in Seattle.
In a separate SEC filing, Bezos listed the proposed sale of 50 million Amazon shares around Feb. 7 with an estimated market value of $8.4 billion.
CNBC reports that Bezos sold off billions in Amazon shares yearly until 2022, when Washington's new tax took effect. He didn't sell any last year either, according to the report.
Bezos stepped down as Amazon's CEO in 2021 to spend more time on his other projects, including the rocket company, Blue Origin, and his philanthropy.
Information from The Associated Press was used in this report.
Mark Swanson ✉
Mark Swanson, a Newsmax writer and editor, has nearly three decades of experience covering news, culture and politics.
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