States Where Billionaires like Jeff Bezos Pay the Least Taxes [Yahoo! Finance]
Amazon.com, Inc. (AMZN)
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Source: Yahoo! Finance
it was not about money, it just so happens that the move could save him $610 million in state taxes over the next few years, as reported by CNBC. This is because in 2022 Washington State imposed a new 7% tax on the sale of more than $250,000 worth of stocks or bonds. That would cost Bezos millions in new taxes annually due to his longtime practice of selling billions of dollars of Amazon shares annually. But, when the new tax took effect, Bezos stopped selling shares and fled to Florida, which, coincidence or not, has no capital gains tax . And lo and behold, Bezos then filed a pre-scheduled stock-selling plan to sell 50 million shares before 2025, according to CNBC. Florida is not unique in its catering to the very wealthy with a rich-friendly tax code, however it does have one of the most regressive tax policies in the nation, according to a recent study by Institute on Taxation and Economic Policy (ITEP) A regressive tax is one that is applied uniformly , regardless of income.
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AMZN
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- 4/30/24 - Beat
AMZN
Sec Filings
- 5/2/24 - Form PX14A6G
- 5/2/24 - Form PX14A6G
- 5/2/24 - Form PX14A6G
- AMZN's page on the SEC website