Bezos adopted the trading plan on Nov. 2, six days after announcing his move from Seattle to Miami, Fla.
Spencer Pauley
The Center Square Washington
Amazon founder Jeff Bezos plans to sell 50 million shares of Amazon stock, which would have cost him hundreds of millions of dollars had he not moved out of Washington state.
According to a regulatory filing, Bezos adopted a trading plan last November to sell up to 50 million shares of Amazon stock over a period ending on Jan. 31, 2025.
Bezos adopted the trading plan on Nov. 2, six days after announcing his move from Seattle to Miami, Fla.
While Bezos said he moved in order to be close to his family in Florida, the Amazon founder is also avoiding a tax on the sales of stocks and bonds.
Unlike Washington, Florida does not have a capital gains tax. In January 2022, Washington enacted the 7% tax on the sale of financial assets despite a legal challenge. Earlier in 2023, the state Supreme Court upheld the constitutionality of the capital gains tax.
During his residency in the Evergreen State, Bezos was subjected to owing the state $70 million for every $1 billion of Amazon stock he sells.
Amazon’s stock is currently at approximately $169 per share, meaning Bezos’ 50 million shares could be worth about $8.5 billion in total. In turn, Washington state is going to lose out on approximately $595 million in capital gains tax revenue from the Amazon founder alone.
Prior to the capital gains income tax being implemented in 2022, Bezos sold over $8.8 billion worth of Amazon stock in 2021, according to Forbes. That would have raked in $616 million in capital gains tax revenue.
The Center Square previously reported on the tax generating over $889 million in revenue in its first year. The $596 million that Bezos would have owed to Washington if he sold his shares while living in the state are 67% of the tax’s total generated revenue.
Revenue generated by the capital gains tax funds the education legacy trust account and the common school construction account, which fund early childhood education and common schools programs.
This report was first published by The Center Square Washington.
Also read:
- POLL: How would you rate the accessibility of Vancouver city officials for addressing community concerns?How accessible are Vancouver city officials to community concerns?
- Budget leader says funding for programs and services is safe, concern is demand for billions in new spendingSen. Lynda Wilson highlights safe funding for services despite looming demands for billions in new spending.
- After evading repeal, will Washington expand its capital gains tax to lower incomes?One member of a prominent Washington think tank suspects lawmakers are considering modifying the capital gains tax to generate more revenue for state coffers Brett DavisThe Center Square Washington A general income tax in Washington state appears to be off the table for now, even as voters retained the state’s capital gains tax by failing …
- Opinion: New audit offers another reason lawmakers should leave the state’s paid-leave program behindElizabeth New (Hovde) critiques Washington’s Paid Family and Medical Leave program, highlighting audit findings of double-dipping and program inefficiencies.
- Opinion: WA turns redder, despite faulty media reports that said otherwiseWAGOP highlights gains in Washington’s November 2024 election, challenging claims the state turned “bluer.”
- Vancouver City Council to host community forum on Nov. 25Vancouver City Council invites community members to share questions and ideas at a public forum on Nov. 25 at Evergreen Public Schools.
- Vancouver Public Schools to run Technology, Safety, and Capital Projects Levy on February ballotVancouver Public Schools Board approves a Technology, Safety, and Capital Projects Levy for the February 2025 ballot to support long-term needs.