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Jeff Bezos’ decision to move from Seattle to Miami could save him over $600 million in taxes, according to recent company filings. Bezos, the co-founder and CEO of Amazon, plans to sell 50 million shares in the e-commerce giant by 2025. If he sells these shares while living in Seattle, which has implemented a 7% capital gains tax, he would have to pay significantly more taxes than if he sold them while living in Florida, where there is no capital gains tax.

While Bezos has described the move as an “emotional decision,” he has also stated that he wanted to be closer to his parents and Blue Origin’s base of operations at Cape Canaveral. He and his fiancée, Lauren Sanchez, have already purchased at least two properties in Miami’s Indian Creek district, also known as “Billionaire Bunker.” Last week, Bezos sold off 12 million shares of Amazon stock, steadily closing the wealth gap between himself and Elon Musk, the current richest person on the planet.

Amazon did not immediately respond to a request for comment from Business Insider made outside normal working hours.

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