Washington state has no income tax, which is enshrined in our state Constitution.
That is why we have a disproportionate share of start up tech companies and billionaires.
Over the last 25 years, the Democratic Party has achieved total dominance over every state and federal political office.
Before 2000, much of our government was controlled by centrist and center-left Republicans.
About three years ago, the Democrats decided to impose a broad 7% capital gains tax on the rich (homes and real estate excluded).
The rich are defined as anyone with more than $250,000 of capital gains in one year.
Our State Supreme Court - all Democrats - decided that capital gains are NOT income, so they are taxable.
If Bezos decides to sell AMZN stock shares as a state resident, he would owe 20% (long term) federal cap gains plus 7% Wash. state cap gains.
RE: Washington state has no income tax, which is enshrined in our state Constitution.
Neither does Florida. Bezos is moving to Miami.
Here is a more detailed breakdown of the taxes in each city (question answered by Google’s Bard GPT) :
Miami, Florida
State income tax: 0%
State sales tax: 0%
Local sales tax: 7%
Property tax: 1% of assessed value
Seattle, Washington
State income tax: 0% - 9.9% (Seattle has a progressive income tax system, which means that the tax rate increases as your income increases. The specific tax rate that you pay depends on your taxable income, which is your total income minus certain deductions and exemptions.)
State sales tax: 6.5%
Local sales tax: 1%
Property tax: 1% of assessed value