Jeff Bezos is saying goodbye to Seattle and hello to Miami. The billionaire announced his cross-country move on Instagram, saying that he wanted to be closer to his parents and fiancée Lauren Sánchez (who recently revealed that she blacked out a bit when he proposed!). But being close to loved ones isn't the only perk Bezos will enjoy while living in Miami. The relocation has sparked a discussion about the loads of money he could save on taxes in Florida.
In the caption of a video tour of Amazon’s first "office," Bezos reflected on his life in Seattle. "Seattle has been my home since 1994 when I started Amazon out of my garage," he wrote in the caption.
He stated that his parents, who have always been his biggest supporters, recently moved back to Miami. He lived there with them when he was younger, and even graduated from Miami's Palmetto High School. "I want to be close to my parents, and Lauren and I love Miami," he wrote.
He also revealed that the rocket and space tech company he started in 2000, Blue Origin—which is currently headquartered in Kent, Washington—is increasingly shifting operations to Cape Canaveral, Florida. "For all that, I’m planning to return to Miami, leaving the Pacific Northwest," he added.
He ended the post by stating that he's lived in Seattle longer than anywhere else and has had many great memories there. "As exciting as the move is, it's an emotional decision for me," he wrote. "Seattle, you will always have a piece of my heart."
In the comments, people were quick to point out that family and romance are nice and all, but taxes might be another reason Bezos is headed for Florida. "I'm sure the new capital gains tax in Washington state had no influence on this decision," one person wrote in reference to a new 7 percent tax on capital gains above $250,000.
The state of Washington also has a 10 percent to 20 percent estate tax. On top of that, Washington officials have proposed a 1 percent wealth tax on assets such as stocks and bonds. Florida, on the other hand, doesn't have capital gains, estate, state income, or wealth taxes. So if Bezos isn't moving because of the tax benefits, they make a nice perk.
Plus, he already has a few places to live in the Magic City. Bezos currently owns a $68 million mansion and its neighboring $79 million property in Florida's Indian Creek, which is also known as Billionaire Bunker. Located in the larger Miami area, the village and man-made barrier island features a total of 41 waterfront properties.
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