You may have noticed Amazon founder Jeff Bezos is leaving Washington state for Florida. Pay no attention to the change in Washington State’s tax on capital gains. He just wants to be closer to family. Sure.
Washington’s legislature passed a new cap gains tax (Engrossed Substitute S.B. 5096), which was signed by Gov. Inslee on May 4, 2021, and took effect in Jan of this year. Capital gains that exceed $250,000 will be taxed at 7%. It used to be a tax-free transaction.
Welcome to Miami!
Action Line: Money travels to where it’s respected. If you’re looking for respect for your hard-earned money, let’s talk.
Originally posted on Your Survival Guy.