Bezos with 200 Trillion Won Net Worth Leaving Seattle... Was It Ultimately Because of 'Taxes'?

Increased Tax Burden Including Capital Gains Tax and Wealth Tax Review
Net Worth of 210 Trillion Won Bezos... "There Must Have Been an Impact"

Amazon founder Jeff Bezos (59) is drawing attention for moving his residence from Seattle, Washington to Miami, Florida. It is believed that he is seeking a city with lower tax rates, given his net worth exceeding 200 trillion won.

The U.S. financial media outlet Fortune reported on the 5th (local time) that "taxes" are behind Bezos's move, stating, "His move to Florida has sparked a heated debate over tax policies."

According to Fortune, Bezos's net worth is estimated at $162 billion (approximately 210 trillion won). Washington State, where Bezos currently resides, passed a law last year imposing a 7% tax on capital gains exceeding $250,000 (about 330 million won). However, Florida has no capital gains tax.

Jeff Bezos, the founder of Amazon, is planning to move from Seattle, Washington to Miami, Florida after 29 years, amid speculation that the increasing tax issues in Washington State influenced his decision.
[Image source=AFP Yonhap News]

Earlier, Republican lawmakers in Washington State filed a lawsuit claiming the tax was unfair, but they ultimately lost in court in March, and the tax remains in place.

The two regions also have significant differences in inheritance tax. Washington State imposes a 10-20% tax on assets exceeding $2.19 million (about 290 million won), whereas Florida has no inheritance tax.

Additionally, Washington State is reportedly considering a 1% wealth tax on billionaires.

In this context, some experts have pointed to the increasing tax burden as a reason for Bezos's relocation.

Columnist Jonathan Levin wrote in a contribution to U.S. Bloomberg, "Bezos has sold billions of dollars worth of Amazon stock over the years," adding, "Although Bezos has not explicitly mentioned taxes, they certainly had a significant impact."

Meanwhile, on the 3rd, Bezos announced his move to Miami for the first time through his official Instagram account. At that time, he explained that he lived in Miami during his childhood and decided to relocate to be closer to Blue Origin, the space launch company he founded.

With this, Bezos is leaving Seattle after 29 years. Seattle holds special meaning for him as it is the place where Amazon, which brought him wealth and fame, was rooted.

This content was produced with the assistance of AI translation services.