Rich households are moving to Florida ‘by the droves,’ one Florida tax expert said
Seattle will always have a piece of Jeff Bezos’s heart, according to the billionaire founder of Amazon. But Washington State’s tax coffers will not always have a piece of Bezos’s wealth.After roughly three decades in Seattle, Bezos said in an Instagram META, +1.20% post that he’s moving to be closer to his aging parents and the Cape Canaveral, Fla. operations of Blue Origin, his space travel company.
Speaking from Stuart, Fla., Gould, senior counsel at the firm, said he’s been seeing well-heeled people move from other states into Florida “by the droves.” He added, “In my firm, there are many, many ultra-high-net-worth clients who have done this exact same thing and it is mostly a tax play.”There are other reasons that people are moving to Florida, too, he added. That includes favorable laws on the protection of assets like homes and business-friendly regulations.
“The real benefit of Florida over Washington for Jeff Bezos is the lack of a tax on capital gains income,” said Jared Walczak, vice president of state projects at the Tax Foundation, a right-leaning think tank. Bezos is leaving Washington State as lawmakers have proposed a wealth tax that would affect billionaires like him. The proposed tax on “extreme wealth” would apply on assessed value beyond the $250 million mark.
That includes Ken Griffin, CEO and founder of the hedge firm Citadel, and the market maker Citadel Securities, who moved from Illinois. Griffin is worth an estimated $35.6 billion, according to the Bloomberg Billionaires Index. To be sure, there are all sorts of reasons why people decide to move. Family, weather and job opportunities are all in the mix. And moves to the Sun Belt have been a trend for decades.
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