Jake Johnson is a senior editor and staff writer for Common Dreams.
Jeff Bezos, founder of the e-commerce behemoth Amazon and one of the richest men in the world, is poised to save at least $610 million in taxes by moving from Washington state to a hyper-exclusive Miami island that's been dubbed 'Billionaire Bunker.'Bezos announced the move from Seattle—home to Amazon's headquarters—to Miami in an Instagram post on November 2. The previous month, Bezos purchased two mansions in Indian Creek Village for $68 million and $79 million.
reported Monday, Bezos has been selling Amazon shares nearly every year for more than two decades—but he stopped in 2022, the first year of Washington's new tax.Now that he's in Florida, which doesn't tax income or capital gains, Bezos has resumed selling his Amazon stock, dumping around 12 million shares worth roughly $2 billion last week.
pointed to recent U.S. Securities and Exchange Commission filings showing that Bezos has 'launched a pre-scheduled stock-selling plan to unload 50 million shares before Jan. 31, 2025. At today's price, that would total more than $8.7 billion.''On the $2 billion sale last week, he saved $140 million that he would have paid to Washington state,'
observed. 'On the entire sale of 50 million shares over the next year, he will save at least $610 million. And that's assuming Amazon shares remain flat. If they continue to rise, the value of his shares—and his tax savings—will be even higher.''If Bernie's Make Billionaires Pay Act was signed into law during the pandemic Bezos would have paid $42,800,000,000 more in taxes and everyone in America would have had healthcare as a right.
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