Forget snowbirds: Jeff Bezos is leading the migration of ultrawealthy taxbirds flocking to Florida’s lower tax rates
Story by Dylan Sloan •
13h
The phenomenon of the “snowbird” is well known: Someone with the means to move between two properties, New York City and Miami being the classic example, just in time to miss the cold weather as Gotham gets gross and stormy. But Jeff Bezos and other ultrawealthy millionaires and billionaires are creating a new breed of taxbirds, flocking to states like Florida and Texas in their migration away from chillier fiscal regimes elsewhere in the country.
In November, when Amazon founder Jeff Bezos announced his blockbuster move from Seattle to Miami, he said it was to be closer to his parents and to his space travel company Blue Origin’s Cape Canaveral headquarters. But it’s hard to imagine that money—and taxes—didn’t also play a role. The difference in Washington and Florida’s capital gains tax rates have already saved Bezos almost $300 million—and that was just for $4 billion worth of Amazon stock that he sold in the span of four days last week.
Bezos is just one of a growing flock of taxbird billionaires who have fled blue states with high tax rates in favor of a sunnier home for their wallets. Amazon’s home state of Washington, which has no income taxes, started collecting a controversial 7% capital gains tax in 2023—a policy that’s ruffled its wealthiest citizens’ feathers, and, at least in Bezos’ case, sent them flying to greener financial pastures. Just ask the high-end tax professionals who advise them.
https://www.msn.com/en-us/money/companies/forget-snowbirds-jeff-bezos-is-leading-the-migration-of-ultrawealthy-taxbirds-flocking-to-florida-s-lower-tax-rates/ar-BB1ilvA7?ocid=msedgdhp&pc=HCTS&cvid=6d71eafb68204815b09b570a5512c585&ei=61
