Posted on 11/15/2023 7:17:38 AM PST by SeekAndFind
RE: Washington state has no income tax, which is enshrined in our state Constitution.
Neither does Florida. Bezos is moving to Miami.
Here is a more detailed breakdown of the taxes in each city (question answered by Google’s Bard GPT) :
Miami, Florida
State income tax: 0%
State sales tax: 0%
Local sales tax: 7%
Property tax: 1% of assessed value
Seattle, Washington
State income tax: 0% - 9.9% (Seattle has a progressive income tax system, which means that the tax rate increases as your income increases. The specific tax rate that you pay depends on your taxable income, which is your total income minus certain deductions and exemptions.)
State sales tax: 6.5%
Local sales tax: 1%
Property tax: 1% of assessed value
He doesn't worry about "tax brackets" -- those apply to income tax. He has minimal income compared to his capital gains from selling stock. So he wants to minimize capital gains taxes. So you have this...
FAQ: Understanding who will pay Washington’s new capital gains tax and potential exemptionsNote it is RETROACTIVE to January 2022!
By Nate Beck, March 30, 2023The legality of a capital gains tax was upheld by the Washington state Supreme Court last week, drawing questions about who is subject to the tax and the broader impact on the region’s business sector.
Seattle tech leaders had mixed reactions to the ruling. Advocates say it’s one way that Washington’s regressive tax laws can be altered to help low-income and rural communities. Opponents fear it will drive businesses out of the state.
Washington is one of nine states with no personal income tax; it generates most of its revenue through sales, property, and business and occupation (B&O) taxes.
An estimated 7,000 households — the wealthiest in the state — are estimated to be affected by the capital gains tax law.
The tax, which will help fund early-childhood education programs and school construction, is drawing national attention. The Wall Street Journal’s editorial board wrote that Democrats will use the judicial ruling to “redefine other income taxes as excise taxes.”
The law imposes a 7% tax on capital gains of more than $250,000 from the sale of stocks, bonds, and other assets.
The tax applies to gains made on or after January 2022 and the first payment is due on or before April 18 of this year [2023]. It’s paid on a calendar year basis. It affects individuals, not business entities (with some exceptions, as noted below).
A 7% tax on a (say) billion dollar stock sale is a pretty chunk of change. Yet this skunk is denying those needy people and young pupils in Washington state (where he lived for decades and got rich) the benefit of his tax money. What a hypocritical liberal hypocrite.
SAFER? CHECK
CHEAPER? CHECK
BETTER TAX LAWS? CHECK
BETTER DIVORCE LAWS? DON’T KNOW
ALSO-—MANY MORE PLACES TO PARK YOUR YACHT
CHUMP CHANGE FOR BEZOS
I'm a guy and yes, I can confirm that.
He paid $150 million for two adjoining properties. That may be as much as $1.5 million a year. As a life-long Floridian I say thank you, Jeff.
Really?
Someone better explain that to Turbo Tax.
I have been filing electronically for the last 25 years, and Turbo Tax has never mentioned that I owe income tax to Seattle or Washington state.
9.9% used to be the total sales tax in Seattle.
I think it is 11% now.
There is also a business revenue tax for businesses that are NOT engaged in retail sales.
...and, historically, one of the best real estate investments of a lifetime.
Also, less headache that owning an NFL team.
He’ll get one of those 18 million dollar estates/golf course like President Trump has.
“BETTER DIVORCE LAWS? DON’T KNOW”
She’s got the big rock on her finger. However, I’m betting he’ll drag his feet and that wedding date will be a long way off.
Steroids and plastic together.
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