Wa State doesn’t have an income tax o how do you account for 1 billion in savings?
Florida’s sales tax is cheaper but hard to imagine it’s 1 billion in savings.
FYI - except for the hurricanes, humidity, snakes, the alligators, the mold - I’d rather be in Florida.
Yes, Washington has no income tax, but income tax is not important to billionaires. What matters to them is capital gains tax. On May 4, 2021, Governor Jay Inslee signed SB 5096 into law levying a capital gains tax of 7% tax on capital gains of more than $250,000 from the sale of stocks, bonds, and other assets. The tax applies to gains made on or after January 2022.
In March 2022, a Douglas County Superior Court ruled that the tax was an income tax and therefore unconstitutional in Washington State. This ruling was overturned by the Washington State Supreme Court in March 2023, which ruled that the tax was an excise tax, rather than an income tax.
On November 3, 2023, Jeff Bezos announced that he’s relocating from Seattle, where he has lived since 1994, to Miami. He explained that his parents recently moved back to Florida, where he and his family lived when he was younger, and that he wants to be closer to them. [yeah, right!]
On January 16, 2024, the U.S. Supreme Court said it would not review the lawsuit challenging Washington State’s 7% tax on capital gains over $250,000.
Bezos sells a lot of stock. It’s been estimated that he avoided $1 BILLION in capital gains tax in Washington by moving to Florida.
“FYI - except for the hurricanes, humidity, snakes, the alligators, the mold - I’d rather be in Florida.” LOL...Bezos “has people” to deal with those things.