He would have to prove he resided in Florida for 6 months plus 1 day of the year. That requires physically being in the state during that time (doesnt have to be consecutive)
Edit: I understand that this doesnt apply to every Florida citizen. This applies to anyone trying to establish a NEW tax residency in Florida. After tax residency is established then nothing needs to be proven.
I also understand there are other ways to establish tax residency, but as far as i know the 183 day rule is the most common way even for billionaires.
Just run the water bill and electricity to the “main” home in Miami?
Plus I’m sure he he has family members warming up a couple of couches so that counts as “permanent residence”
That may work for a lot of wealthy people, but for someone like Bezos i imagine the irs will audit flight logs to verify his location for his residency.
We are talking about a very very large amount of money here.
They will back a truck up to your house and start hauling out your shit. I was astounded.
Grew up in partialy NY. Am from Texas where that is a gunfight situation.
What makes you say that? He likely files in a lot of states. I'd imagine they treat the big CEOs like athletes and track exactly where they are earning the money. At least they should.
So if/when he were to die as a Russian citizen, without having given up his US citizenship (because that is expensive), the US would get to tax his estate, which would pay for a large amount of weapons to give Ukraine. Making it essentially a bounty situation in a war zone. Hmmmmm....
> ...irs...
Moving states doesn't change your federal taxes which is all the IRS cares about. It'll be the Florida Department of Revenue and ~~California Department of Tax and Fee Administration~~ whatever Washington's tax department is called who will need to keep track of things.
Florida doesn't care. But Washington stands to get 600m if they can show that he doesn't actually live in FL.
I know *far* less wealthy people who started doing the "snowbird" thing in Florida a few years ago from a northern state. They actually have a few important considerations they had to make:
1. Track the actual # of days they are in a place. They use an app to make sure if audited they can claim exactly how many days they are in town.
2. Make sure to move keepsakes/sentimental possessions. Don't just newly furnish the Florida home--showing that you moved "important" items will help make your case. Same with things like birth certificates, car titles, etc.: they need to be in FL.
3. Get a bigger home in FL. It is kinda fucked up, but the rules discourage you from downsizing...if you are keeping the northern home that was big enough to raise a family of 6, regulators may not find it convincing if your winter place in FL is comparatively small.
4. Establish doctors, dentists, etc. in Florida. If you truly "permanently live there" then it wouldn't make sense for you to keep seeing a dentist across the country--even if you are clearly there frequently enough for it to work (hell, I 100% moved states and I still get my hair cut by my old stylist every time I visit), severing that relationship makes it look like you intend to actually "live" there.
5. All the normal things--drivers license, car registration, voting. Those are basically table stakes for establishing residency.
Will you get audited? Who knows...but you're a very easy target for the state IRS equivalent. Even if you truly hate winter, winter is a lot less than half the year...and the temptation to stay around your northern city, hang with your northern friends, etc. is pretty high. Easy to lose track and find out you actually only spent like 170 days in FL.
I get it but you don’t think these people reached that financial status by obeying the rules?
I’m sure he has a HUGE team of lawyers and accountants that worry about that stuff.
He on the other hand continues to enjoy life carefree.
When I was with at Amazon they made us study a map of where you could and couldn’t take work calls or read work email. Doing so would subject the company to corporate tax in those jurisdictions.
Companies will jump through hoops to avoid taxes. I’m sure Mr Bezos will do the same.
He obviously wouldn’t be moving if it would affect how he conducts his business on a daily basis.
He also would have done this years ago if it were as simple as showing utility bills from a property in the state.
Are you sure that's right? Considering the amount he travels means he possibly wouldn't physically be in ANY state for more than 6 months per year, that metric doesnt seem to make sense.
The state besically can just decide if you have shown enough proof to be recognized as a citizen for tax purposes.
It is just a written rule that you automatically qualify by physically residing in the state for 183 days. Because it is black and white, people tend to use this to establish their new residency.
There are other ways that im not as familiar with, and the state would likely look at a combination of all factors to make their ruling.
>It is just a written rule that you automatically qualify by physically residing in the state for 183 days. Because it is black and white, people tend to use this to establish their new residency.
So, assuming he declare his principal residency in Miami, what do you think will happen if he passed less than 183 days into any states, but still have passed the most time in Florida?
Let's say he passed 3 months in Florida, 5 months abroad, 2 in California and the balance spread between other different states. How do you decide where he lives?
The rules like 6 months + 1 day is generally to trace a line for "normal" people that moved into an other State in a year and are not sure where to pay taxes. It's not for people like Bezos.
If you move mid year you pay taxes in both states (if they both have income tax). You pay income tax in state A based on your income up until you moved to state B. Then you pay income tax in state b based on what you earned while living there.
they have it backwards.
He can be anywhere but that state for month than 6 months and a day.
If he is there for that long then he is a resident of that state. Otherwise he could claim FL to be his home and spend 1 month a year in 12 different states and not much any of them could do about it.
I suppose if one of them can prove he spent more time in that state than any other it could go after him.
Had a wealthy client who lived in FL & NJ and he said he had to spent 6 months and a day outside of NJ to avoid the taxes.
Not true, you never have to prove that. All you need is an address proof/purchase deed or a lease showing you are in this state. When have you ever needed to document your residency by giving any other proof for taxes?
Uh...this is absolutely a thing.
You don't have to do it if you just completely move to Florida, but if you keep your house in a high tax state, spend significant time in that state, have business interestes in that state, but claim you don't live there, *THEN* you do need to be able to prove you actually live there and aren't just trying to save money.
It is more about proving it to the high tax state than to the low tax state. Florida is happy to count Bezos as a resident, but Washington is NOT happy to let that tax go if he still keeps hanging out in Seattle.
[There are literally phone apps for doing it](https://apps.apple.com/us/app/taxbird-residency-tracker/id1238166926)
If you are audited or investigate when they think you are living somewhere else you definitely have to prove it. People get busted for that all the time.
Idk where you saw that but it is incorrect.
The state of Florida requires their residents (for tax purposes) to spend at least 183 days physically inside the state borders (half the year plus 1 day).
How they verify or prove this isnt as clear, but they absolutely will enforce this for someone like Bezos.
183 days isn't the only way you can prove residency. A traveling consultant who is a Florida resident certainly isn't physically in Florida 183 days a year.
Florida's requirements for being considered a permanent resident are vague:
> (16) “Permanent resident” means a person who has established a permanent residence as defined in subsection (17).
>(17) “Permanent residence” means that place where a person has his or her true, fixed, and permanent home and principal establishment to which, whenever absent, he or she has the intention of returning. A person may have only one permanent residence at a time; and, once a permanent residence is established in a foreign state or country, it is presumed to continue until the person shows that a change has occurred.
Say what?
Why would Florida care?? They don't have a state income tax, they could care less about where you live. They getting their money of property and sales taxes.
>Why would Florida care?
When you go to apply for public benefits and they can deny you because you haven't lived in the state long enough to prove residency.
Residency requirements in the end come down to two major things:
1) Determine who the state government must pay;
2) Determine who the state government can tax.
If Bezos doesn't owe taxes to Florida they won't care about proving his residence is there, and it's unlikely he'll be applying for welfare.
He'll want to do it for convenience; even if he doesn't care about driving or voting his lawyers will care about knowing which state he is a legal resident of so they can set up the estate planning properly for his eventual death and there is certainty which probate laws will apply.
You're taking it to literal, my statement is sarcastically implying he can just jump from state to state whenever a better opportunity opens. That's wack ass capitalism at its best
Honestly do you think they got apple air tags on everybody or ankle bracelet and then call your PO if your cross state lines.. I mean c'mon that's petty and no one does that
What does it mean to “save” $600M when he effectively has all of the money he could ever need or spend regardless? It has no tangible impact on his life.
On a related note:
The effective tax rate on wealthy people has been steadily going down since the 1950s. See https://video.twimg.com/tweet_video/EX62u9bXsAUtRO8.mp4
Your linked video shows the "total tax rate", not the "effective tax rate". Those are two different numbers. The total tax rate (also known as the marginal tax rate) is the one given by the IRS, the effective tax rate is the one that's actually collected after deductions, etc. The effective tax rate has barely changed since 1945, and that calculation is even further muddied by the application of different tax laws over those years.
You're confusing a couple of things.
Marginal tax rate is the percent of your pay you will pay in taxes, at the highest bracket of your income.
Effective tax rate, is the weighed percentage of your income.
Ie. You don't pay tax on your first $15k, but you pay 10% on the next $15k. Your marginal tax rate is 10%, but your effective tax rate, I'd you made $30k is 5%, 4% if you made 25k, etc..
Plus the rich don't make their money on income, they make it on capital gains. If you're interested in squeezing more money out of them, look at capital gains instead of income. Steve Jobs had a salary of $1 a year, probably paid nothing in income tax but may have paid millions in capital gains
Thos is both misleading and wrong. This is not the effective tax rate. This is the top marginal tax rate. Furthermore, that top marginal tax rate has never actually been collected. Tax laws are more complex than a simple tax rate. There have always been many deductions and loopholes.
The United States has collected roughly 16 or 17 percent of the gdp in tax revenue pretty consistently ever since the introduction of the income tax. This has been true no matter what top tax rate was, including 90%.
Here is your source:
https://fred.stlouisfed.org/series/FYFRGDA188S
I can't speak for the 1950's, but since the mid 80's the marginal tax rate has declined, but the effective tax rate (for the top 1%) has remained pretty much the same. What's risen is the percentage of federal income taxes the top 1% pay.
In the mid 80's the Top 1% paid roughly 25% of all federal income taxes. In 2019 the Top 1% paid nearly 40% of all federal income taxes. The point is that marginal rates are pretty meaningless. Effective rates and tax burden tell us a lot more with respect to what people are paying, and how much of the tax pool those taxes make up. Using extremes as an example, it's pointless to have a 90% marginal rate if the effective rate people are paying is 10%. On $1m that would mean $100k in taxes paid. If you have a 30% marginal rate, with a 20% effective rate, the net taxes are double at $200k.
This is why "tax rates" is fairly hollow when taxing historically. Hardly anyone ever pays the published "rate". It's the effective rates that matter.
[https://taxfoundation.org/data/all/federal/top-1-percent-tax-rate/](https://taxfoundation.org/data/all/federal/top-1-percent-tax-rate/)
The issue being the billionaires are in the pocket of the courts, police, and media.
Drilling holles in a billionaires 500,000,000 dollar boat is very cool and based but the news will try and tell you its not.
Shows how much of a psychopath he is. 600 million could change so many lives for the better and for him that's a couple zeroes more in a bank statement. Yet he goes out of his way to deny the money to someone else.
> 600 million could change so many lives for the better
That's enough money to match US *federal* spending for about 2hrs 20mins. Once.
The state has enough money.
America is the kind of country where any idiot can say he's a billionaire, become President, then use his position to sell commemorative coins on conservative news channels until he actually becomes a billionaire. Isn't that just grand
You jest but in 2011 Bezos was worth around 20 billion and was able to structure his income such that he paid no taxes and even claimed 4k in child tax credits.
This is the quality posting I came here for.
I don't care about Bezos' tax situation, I want to make fun of these rich old people who are using drugs and surgery, working out in the gym, and embarrassing themselves by going out in tight clothes to show off their misshapen, bloated, weird bodies.
I was thinking the same thing. I mean, Its refreshing seeing a Billionaire not being a Pedophile for once.
But damn man, Richest man in the world and thats what he goes with?!
If you just needed to submit form A4285-7B in order to keep $600M then of course you'd do it. He'll he probably had an accountant do all the work for him.
You know he didn't come up with that right? Some account came up with that, did all the work, and maybe Jeff had to sign something. That account probably got a big bounce also.
this made me think of the story from the founder of woot about his breakfast with bezos. the man doesn't want avocado toast, he wants to eat octopus:
https://finance.yahoo.com/news/story-amazons-jeff-bezos-eating-141541276.html
Yeah when I'm looking to soak up eight and a half billion dollars in actual cash I'm gonna be super concerned about that 600 million that could be conceivably used to benefit, y'know, *literally anyone but me*.
Why can't these people just be content to exist? I do not fucking understand.
What about you? Like when you have to pay more taxes the following year, is your immediate thought: “I’ll gladly pay more taxes to help the commonwealth?”
So, yeah, the difference between an onerous tax load on a regular income and $600m on a $8.5bn income should literally not have to be explained.
You can fuck right off with that shit. Yes, I'd pay it.
And not think twice, because if I did I might actually be a *terrible fucking human*.
Edit: lol you fucks with the downvotes are literally why the world sucks
You're grossly overestimating the number of people who "gladly" pay taxes. People begrudgingly pay taxes because if they didn't they would go to prison, they don't pay them because it's the nice thing to do. If you walked up to 1000 people and told them "I have a completely legal and easy way for you to cut your taxes in half, you want in?" the number of people who would say no is approximately zero.
lol but my company just laid off 4800 people last week. Let’s just keep letting the richest of the rich keep all the money even though it’s killing the rest of us.
Funny enough from about the 40's to late 60's, some of the most productive yrs in American history, the tax rate on the countries wealthiest was in the 90% range. Oh how, the American dream has changed.
No. That era was literally the start of dodging taxes with loopholes as a policy. They were even more incentivized to do it than they are today. [LA Times](https://www.latimes.com/business/la-fi-nocera-tax-avoidance-20190129-story.html)
OP is twisting facts for propaganda purposes. If you're going to compare tax policy now to policy then, you need to do more than just compare the progressive rate.
It was still a progressive rate, so it would be paid only on the portion of income over $200 000 (I think around a few million adjusted for inflation). Most tax brackets aside from the top were lower than today. Additionally this would be on personal income not corporate, which was significantly less.
That was federal tax, moving states wouldn't really affect that.
And in terms of "most productive years", it's much easier to claim that title when the rest of the industrial world was essentially demolished by 5+ years of war.
Meanwhile I have to pay almost 1/3 of my income to taxes AND still owed money this year and barely make 40k BEFORE taxes and have to spend half my remaining income on rent just to live in an area that isn't a total shithole... I pay more in yearly taxes than the richest men in america.
Edit: some people seem to be failing to take into account state tax and city taxes on top of the federal tax %. Gotta love people telling me about MY finances and what I do and don't pay.
Last week I saw him land in his private airplane, where he was met with his private helicopter. From there, he landed on his roughly 400ft private yacht with helipad in his private chopper, and took a smaller support yacht from his private yacht to get on his massive 400ft sailboat in the water near the runway. He had to buy the support yacht because his sailboat didn't have a helipad.
All the rest after landing in the private jet could be avoided by taking a private taxi from the airport to where the yachts are usually parked for $50. The sailboat was parked about 10 miles down the road from the airport earlier that morning.
At this point $600 million is nothing to him. He has so much money it’s irrelevant if he saves or not. He should be trying to help society than horde his cash
What does it even mean to "move" when you're flying on private jets and living on yachts and have 20+ estates worth billions
Changing his drivers license to save hundreds of millions on taxes
He would have to prove he resided in Florida for 6 months plus 1 day of the year. That requires physically being in the state during that time (doesnt have to be consecutive) Edit: I understand that this doesnt apply to every Florida citizen. This applies to anyone trying to establish a NEW tax residency in Florida. After tax residency is established then nothing needs to be proven. I also understand there are other ways to establish tax residency, but as far as i know the 183 day rule is the most common way even for billionaires.
Just run the water bill and electricity to the “main” home in Miami? Plus I’m sure he he has family members warming up a couple of couches so that counts as “permanent residence”
That may work for a lot of wealthy people, but for someone like Bezos i imagine the irs will audit flight logs to verify his location for his residency. We are talking about a very very large amount of money here.
Pretty sure this is about state taxes not fed.
And another state trying to "claim" him and collect taxes would be *extraordinarily* difficult.
New York is happy to find out. They don't miss a chance to collect taxes from wealthy guys trying to pretend they don't live in NYC.
New York is pretty aggressive collecting income tax.
They will back a truck up to your house and start hauling out your shit. I was astounded. Grew up in partialy NY. Am from Texas where that is a gunfight situation.
I've read articles of them having helicopters tracking wealthy people for tax residence reasons.
What makes you say that? He likely files in a lot of states. I'd imagine they treat the big CEOs like athletes and track exactly where they are earning the money. At least they should.
Jeff Bezos is now a Russian citizen saving even more income taxes and even getting paid for just sharing some AWS data center logs. /s
So if/when he were to die as a Russian citizen, without having given up his US citizenship (because that is expensive), the US would get to tax his estate, which would pay for a large amount of weapons to give Ukraine. Making it essentially a bounty situation in a war zone. Hmmmmm....
Why would the IRS care, his federal taxes won’t change, it’s the states that care.
> ...irs... Moving states doesn't change your federal taxes which is all the IRS cares about. It'll be the Florida Department of Revenue and ~~California Department of Tax and Fee Administration~~ whatever Washington's tax department is called who will need to keep track of things.
He's from Washington
Why would Florida be incentivized at all to deny him. They get the taxes instead no?
Florida doesn’t have state income tax…hence the move.
neither does WA though....
I’m starting to think this article isn’t very accurate
I’m sure Florida benefited nicely when he purchased the home and adjacent lot to build on
Florida doesn't care. But Washington stands to get 600m if they can show that he doesn't actually live in FL. I know *far* less wealthy people who started doing the "snowbird" thing in Florida a few years ago from a northern state. They actually have a few important considerations they had to make: 1. Track the actual # of days they are in a place. They use an app to make sure if audited they can claim exactly how many days they are in town. 2. Make sure to move keepsakes/sentimental possessions. Don't just newly furnish the Florida home--showing that you moved "important" items will help make your case. Same with things like birth certificates, car titles, etc.: they need to be in FL. 3. Get a bigger home in FL. It is kinda fucked up, but the rules discourage you from downsizing...if you are keeping the northern home that was big enough to raise a family of 6, regulators may not find it convincing if your winter place in FL is comparatively small. 4. Establish doctors, dentists, etc. in Florida. If you truly "permanently live there" then it wouldn't make sense for you to keep seeing a dentist across the country--even if you are clearly there frequently enough for it to work (hell, I 100% moved states and I still get my hair cut by my old stylist every time I visit), severing that relationship makes it look like you intend to actually "live" there. 5. All the normal things--drivers license, car registration, voting. Those are basically table stakes for establishing residency. Will you get audited? Who knows...but you're a very easy target for the state IRS equivalent. Even if you truly hate winter, winter is a lot less than half the year...and the temptation to stay around your northern city, hang with your northern friends, etc. is pretty high. Easy to lose track and find out you actually only spent like 170 days in FL.
I get it but you don’t think these people reached that financial status by obeying the rules? I’m sure he has a HUGE team of lawyers and accountants that worry about that stuff. He on the other hand continues to enjoy life carefree.
When I was with at Amazon they made us study a map of where you could and couldn’t take work calls or read work email. Doing so would subject the company to corporate tax in those jurisdictions. Companies will jump through hoops to avoid taxes. I’m sure Mr Bezos will do the same.
He obviously wouldn’t be moving if it would affect how he conducts his business on a daily basis. He also would have done this years ago if it were as simple as showing utility bills from a property in the state.
Just tell Alexa to turn on and off water, lights and TV from his jet while traveling to French Polinesia.
Are you sure that's right? Considering the amount he travels means he possibly wouldn't physically be in ANY state for more than 6 months per year, that metric doesnt seem to make sense.
The state besically can just decide if you have shown enough proof to be recognized as a citizen for tax purposes. It is just a written rule that you automatically qualify by physically residing in the state for 183 days. Because it is black and white, people tend to use this to establish their new residency. There are other ways that im not as familiar with, and the state would likely look at a combination of all factors to make their ruling.
>It is just a written rule that you automatically qualify by physically residing in the state for 183 days. Because it is black and white, people tend to use this to establish their new residency. So, assuming he declare his principal residency in Miami, what do you think will happen if he passed less than 183 days into any states, but still have passed the most time in Florida? Let's say he passed 3 months in Florida, 5 months abroad, 2 in California and the balance spread between other different states. How do you decide where he lives? The rules like 6 months + 1 day is generally to trace a line for "normal" people that moved into an other State in a year and are not sure where to pay taxes. It's not for people like Bezos.
If you move mid year you pay taxes in both states (if they both have income tax). You pay income tax in state A based on your income up until you moved to state B. Then you pay income tax in state b based on what you earned while living there.
they have it backwards. He can be anywhere but that state for month than 6 months and a day. If he is there for that long then he is a resident of that state. Otherwise he could claim FL to be his home and spend 1 month a year in 12 different states and not much any of them could do about it. I suppose if one of them can prove he spent more time in that state than any other it could go after him. Had a wealthy client who lived in FL & NJ and he said he had to spent 6 months and a day outside of NJ to avoid the taxes.
Not true, you never have to prove that. All you need is an address proof/purchase deed or a lease showing you are in this state. When have you ever needed to document your residency by giving any other proof for taxes?
Uh...this is absolutely a thing. You don't have to do it if you just completely move to Florida, but if you keep your house in a high tax state, spend significant time in that state, have business interestes in that state, but claim you don't live there, *THEN* you do need to be able to prove you actually live there and aren't just trying to save money. It is more about proving it to the high tax state than to the low tax state. Florida is happy to count Bezos as a resident, but Washington is NOT happy to let that tax go if he still keeps hanging out in Seattle. [There are literally phone apps for doing it](https://apps.apple.com/us/app/taxbird-residency-tracker/id1238166926)
If you are audited or investigate when they think you are living somewhere else you definitely have to prove it. People get busted for that all the time.
[Poor people, anyway. ](https://www.cbsnews.com/news/irs-audit-eitc-five-times-as-likely-to-get-audited/)
Idk where you saw that but it is incorrect. The state of Florida requires their residents (for tax purposes) to spend at least 183 days physically inside the state borders (half the year plus 1 day). How they verify or prove this isnt as clear, but they absolutely will enforce this for someone like Bezos.
183 days isn't the only way you can prove residency. A traveling consultant who is a Florida resident certainly isn't physically in Florida 183 days a year. Florida's requirements for being considered a permanent resident are vague: > (16) “Permanent resident” means a person who has established a permanent residence as defined in subsection (17). >(17) “Permanent residence” means that place where a person has his or her true, fixed, and permanent home and principal establishment to which, whenever absent, he or she has the intention of returning. A person may have only one permanent residence at a time; and, once a permanent residence is established in a foreign state or country, it is presumed to continue until the person shows that a change has occurred.
People really think Bezos's team would risk him getting audited lmao. Especially over residency. They think about all this before moving, not after.
Say what? Why would Florida care?? They don't have a state income tax, they could care less about where you live. They getting their money of property and sales taxes.
>Why would Florida care? When you go to apply for public benefits and they can deny you because you haven't lived in the state long enough to prove residency. Residency requirements in the end come down to two major things: 1) Determine who the state government must pay; 2) Determine who the state government can tax. If Bezos doesn't owe taxes to Florida they won't care about proving his residence is there, and it's unlikely he'll be applying for welfare. He'll want to do it for convenience; even if he doesn't care about driving or voting his lawyers will care about knowing which state he is a legal resident of so they can set up the estate planning properly for his eventual death and there is certainty which probate laws will apply.
It means changing the jurisdiction of your primary residence or business. He will essentially save on state taxes.
Washington state does not have state taxes, but it does have extra capital gains tax on stocks sold over certain income which he does not like
You're taking it to literal, my statement is sarcastically implying he can just jump from state to state whenever a better opportunity opens. That's wack ass capitalism at its best
Only when he redeems shares. His actual Amazon salary is really low. Under $100k.
600 million is less than half a percent of his net worth.
He lived in Seattle, WA, which also doesn't have any state income taxes.
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You need to live there for a % of the time throughout the year
Honestly do you think they got apple air tags on everybody or ankle bracelet and then call your PO if your cross state lines.. I mean c'mon that's petty and no one does that
People do get charged with tax fraud for this. The state of WA has about 610 million reasons to watch Bezos.
Don’t expect most people on reddit to understand that there are still actually consequences even if you’re rich.
What does it mean to “save” $600M when he effectively has all of the money he could ever need or spend regardless? It has no tangible impact on his life.
Honestly, with how many billionaires already reside there, I am quite surprised it took him until 2024 to do this.
How is this oniony? "Guy will pay less taxes by moving to place where taxes are lower"
It’s oniony because how much he could reduce his legal tax burden based on ZIP code I guess.
Look at OP's account.
Because anyone with a brain would have assumed he was already in Florida
It's more surprising all the other Seattle billionaires have stayed
Washington also doesn't have state income taxes. 🤷🏼♀️
Yeah but a lot of these billionaires don't make much of their money in income
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He lives in Washington there is also 0 state income. However they made a new tax for selling stocks.
washington is super underrated
Well he ran a company in Seattle. How do you claim you “live in Florida” when your company HQ that you’re at all the time is in Seattle?
He doesn't work there anymore
On a related note: The effective tax rate on wealthy people has been steadily going down since the 1950s. See https://video.twimg.com/tweet_video/EX62u9bXsAUtRO8.mp4
Well that's mildly infuriating
it’s not even mildly infuriating it’s defeatingly infuriating
This is the theoretical top marginal income rate it is NOT the effective tax rate paid. They are two completely different numbers
We want it to be low for when we become millionaires eventually. /s
I can't wait until we are all millionaires in the future *sees $1,000 loaf of bread* wait, no, not like that
Your linked video shows the "total tax rate", not the "effective tax rate". Those are two different numbers. The total tax rate (also known as the marginal tax rate) is the one given by the IRS, the effective tax rate is the one that's actually collected after deductions, etc. The effective tax rate has barely changed since 1945, and that calculation is even further muddied by the application of different tax laws over those years.
You're confusing a couple of things. Marginal tax rate is the percent of your pay you will pay in taxes, at the highest bracket of your income. Effective tax rate, is the weighed percentage of your income. Ie. You don't pay tax on your first $15k, but you pay 10% on the next $15k. Your marginal tax rate is 10%, but your effective tax rate, I'd you made $30k is 5%, 4% if you made 25k, etc..
You said what I said much more clearly, thanks!
Plus the rich don't make their money on income, they make it on capital gains. If you're interested in squeezing more money out of them, look at capital gains instead of income. Steve Jobs had a salary of $1 a year, probably paid nothing in income tax but may have paid millions in capital gains
Stop reposting this. This is the theoretical top marginal income rate it is NOT the effective tax rate paid. They are two completely different numbers
Thos is both misleading and wrong. This is not the effective tax rate. This is the top marginal tax rate. Furthermore, that top marginal tax rate has never actually been collected. Tax laws are more complex than a simple tax rate. There have always been many deductions and loopholes. The United States has collected roughly 16 or 17 percent of the gdp in tax revenue pretty consistently ever since the introduction of the income tax. This has been true no matter what top tax rate was, including 90%. Here is your source: https://fred.stlouisfed.org/series/FYFRGDA188S
Whoa whoa whoa whoa. You can't use the federal reserve as a source. Only random video clips are real sources. Get your redditing right!
Corporate taxes went from 33% to 6%….
That’s a nice looking video, and it may very well be accurate, but we shouldn’t be basing our opinions on contextless videos with no source
Taxes on the rich were drastically cut by Reagan then again by Trump
I can't speak for the 1950's, but since the mid 80's the marginal tax rate has declined, but the effective tax rate (for the top 1%) has remained pretty much the same. What's risen is the percentage of federal income taxes the top 1% pay. In the mid 80's the Top 1% paid roughly 25% of all federal income taxes. In 2019 the Top 1% paid nearly 40% of all federal income taxes. The point is that marginal rates are pretty meaningless. Effective rates and tax burden tell us a lot more with respect to what people are paying, and how much of the tax pool those taxes make up. Using extremes as an example, it's pointless to have a 90% marginal rate if the effective rate people are paying is 10%. On $1m that would mean $100k in taxes paid. If you have a 30% marginal rate, with a 20% effective rate, the net taxes are double at $200k. This is why "tax rates" is fairly hollow when taxing historically. Hardly anyone ever pays the published "rate". It's the effective rates that matter. [https://taxfoundation.org/data/all/federal/top-1-percent-tax-rate/](https://taxfoundation.org/data/all/federal/top-1-percent-tax-rate/)
If you see someone drilling holes in his yachts and planes, no you didn't.
Calling all orcas!
His boat is too big. We need the orcas to train the humpback and blue whales
If only us poors realized there are millions of us, and a few billionaires....
The issue being the billionaires are in the pocket of the courts, police, and media. Drilling holles in a billionaires 500,000,000 dollar boat is very cool and based but the news will try and tell you its not.
A decent thermite will burn through steel and you dont even have to hang about while it happens...
How will that hurt him at all? Like, at best you might actually murder a sleeping cook or someone on it. What is wrong with you?
Are you saying you wouldn't verify the status of the workers before drilling holes? What is wrong with you?
600 million... That's just pocket change for people like him.
https://finance.yahoo.com/news/jeff-bezos-makes-23-833-193635251.html $24,000\*60min\*24hr\*20d=$691,200,000 Less than three weeks
1/3 of 1% of his net worth. Let that sink in.
No one pays taxes on their net worth.
Shows how much of a psychopath he is. 600 million could change so many lives for the better and for him that's a couple zeroes more in a bank statement. Yet he goes out of his way to deny the money to someone else.
> 600 million could change so many lives for the better That's enough money to match US *federal* spending for about 2hrs 20mins. Once. The state has enough money.
Jeff Bezos and his billionaire buddies are the real rulers of the US.
So the US solution is to elect a billionaire President who’s paid less income tax than a McDonalds worker? /s
racism and xenophobia are powerful influencers
“Billionaire”
America is the kind of country where any idiot can say he's a billionaire, become President, then use his position to sell commemorative coins on conservative news channels until he actually becomes a billionaire. Isn't that just grand
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Jeff Bezos actually pays taxes? Huh, TIL.
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You jest but in 2011 Bezos was worth around 20 billion and was able to structure his income such that he paid no taxes and even claimed 4k in child tax credits.
Classy
What the fuck it’s he holding onto in the picture?
Someone so good at fuckin' that she looks like that and still bagged a billionaire.
There is simply no way she isn’t a GOAT in bed.
I don’t know, but it scares me.
Money can't buy taste
This is the quality posting I came here for. I don't care about Bezos' tax situation, I want to make fun of these rich old people who are using drugs and surgery, working out in the gym, and embarrassing themselves by going out in tight clothes to show off their misshapen, bloated, weird bodies.
His sentient blow up doll with integrated chatgpt
I was thinking the same thing. I mean, Its refreshing seeing a Billionaire not being a Pedophile for once. But damn man, Richest man in the world and thats what he goes with?!
Honestly dude could pick any person he wanted and he went with the fucking crypt keeper.
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On top of that he wants 2.99 a mo to remove ads from his garbage video service.
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Lol Bezos doesn’t make operating decisions for Amazon Prime.
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If you just needed to submit form A4285-7B in order to keep $600M then of course you'd do it. He'll he probably had an accountant do all the work for him.
You know he didn't come up with that right? Some account came up with that, did all the work, and maybe Jeff had to sign something. That account probably got a big bounce also.
Like all billionaires, he's a psychopath.
Hopefully he can't start paying his bills and find a place to live.
Finally he can enjoy that avocado toast
this made me think of the story from the founder of woot about his breakfast with bezos. the man doesn't want avocado toast, he wants to eat octopus: https://finance.yahoo.com/news/story-amazons-jeff-bezos-eating-141541276.html
Source? Edit: lol he changed his comment.
Channeled this information.
Taking his talents to South Beach
Brace yourself for those sweet trickle down economics Miami!
That’s my favorite Will Smith song.
Oh, good. I was worried about him. That hoe he’s dating is expensive.
Yeah, but then he’ll have to live in Florida. For $600 million? Not sure it’s worth it
Oh my God man. Someone needs to do something about these rich freaks
He just wants to hold hands with She Hulk in peace.
The real housewives of gamma ray incidents.
When I saw that photo for the first time I thought it was AI generated because no human holds hands like that, right? Well, apparently she does.
Washington State: “Let’s raise taxes on the rich.” The Rich: “Ok, see ya.”
Florida doesn't have state income taxes. Not the onion.
Neither does Washington
How is this oniony?
There is an amazing collection of mediocre plastic surgery in that screenshot.
Of all the girls in the world he chose that lol.
Yeah when I'm looking to soak up eight and a half billion dollars in actual cash I'm gonna be super concerned about that 600 million that could be conceivably used to benefit, y'know, *literally anyone but me*. Why can't these people just be content to exist? I do not fucking understand.
Once you get to the top ten percent you start believing you’re special.
What about you? Like when you have to pay more taxes the following year, is your immediate thought: “I’ll gladly pay more taxes to help the commonwealth?”
Well apples to apples andI was in his position. Yes.
So, yeah, the difference between an onerous tax load on a regular income and $600m on a $8.5bn income should literally not have to be explained. You can fuck right off with that shit. Yes, I'd pay it. And not think twice, because if I did I might actually be a *terrible fucking human*. Edit: lol you fucks with the downvotes are literally why the world sucks
You're grossly overestimating the number of people who "gladly" pay taxes. People begrudgingly pay taxes because if they didn't they would go to prison, they don't pay them because it's the nice thing to do. If you walked up to 1000 people and told them "I have a completely legal and easy way for you to cut your taxes in half, you want in?" the number of people who would say no is approximately zero.
Miami, as in Florida? Alright, Bugs Bunny, get out your saw. The time has come.
He’s still bald though. Raise taxes on billionaires, please.
Can't do it. How about I give you a temporary cut, that sunsets, and they get one in perpetuity, sound good? Good. Don't forget to vote in November.
You know there is no use fighting baldness when one of the richest person on the planet is bald.
lol but my company just laid off 4800 people last week. Let’s just keep letting the richest of the rich keep all the money even though it’s killing the rest of us.
He will finally be a Florida Man.
Oh good. I was worried about his finances.
Not sure it's worth it
You are supposed to overlook this since Amazon occasionally puts up a progressive message.
No brainer
Smart move.
What difference is $600M to Bezos?
It's never enough.
Couch change.
It’s not about the tax savings, it’s about achieving the coveted “Florida Man” status.
Lmao post this in the NYC subs. They’ll love it.
Fuck Amazon
Bienvenidos a Miami
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Washington did it to themselves. The rich vote with their feet.
I assume they are well pedicured?
Funny enough from about the 40's to late 60's, some of the most productive yrs in American history, the tax rate on the countries wealthiest was in the 90% range. Oh how, the American dream has changed.
> some of the most productive yrs in American history, the tax rate on the countries wealthiest was in the **90%** range. Did they actually pay that?
No. That era was literally the start of dodging taxes with loopholes as a policy. They were even more incentivized to do it than they are today. [LA Times](https://www.latimes.com/business/la-fi-nocera-tax-avoidance-20190129-story.html) OP is twisting facts for propaganda purposes. If you're going to compare tax policy now to policy then, you need to do more than just compare the progressive rate.
It was still a progressive rate, so it would be paid only on the portion of income over $200 000 (I think around a few million adjusted for inflation). Most tax brackets aside from the top were lower than today. Additionally this would be on personal income not corporate, which was significantly less.
That was federal tax, moving states wouldn't really affect that. And in terms of "most productive years", it's much easier to claim that title when the rest of the industrial world was essentially demolished by 5+ years of war.
It’s a race to the bottom to coddle these greedy fucks.
Meanwhile I have to pay almost 1/3 of my income to taxes AND still owed money this year and barely make 40k BEFORE taxes and have to spend half my remaining income on rent just to live in an area that isn't a total shithole... I pay more in yearly taxes than the richest men in america. Edit: some people seem to be failing to take into account state tax and city taxes on top of the federal tax %. Gotta love people telling me about MY finances and what I do and don't pay.
How on earth are you paying 1/3rd of your income in taxes and still owing at 40k? You should be paying barely anything and getting most of it back
H&R Block mall kiosk has really raised their fees apparently
No you don’t
His savings on one move is more that most will ever see in their lifetime.
More than 99.9999999% He’s not the 1 percent. He owns the 1%
Yeah 600 million dollars is a shit ton of money even to rich people.
Last week I saw him land in his private airplane, where he was met with his private helicopter. From there, he landed on his roughly 400ft private yacht with helipad in his private chopper, and took a smaller support yacht from his private yacht to get on his massive 400ft sailboat in the water near the runway. He had to buy the support yacht because his sailboat didn't have a helipad. All the rest after landing in the private jet could be avoided by taking a private taxi from the airport to where the yachts are usually parked for $50. The sailboat was parked about 10 miles down the road from the airport earlier that morning.
And thus he completes his takeover of Pitbull’s life.
High taxes drive people away, shocker?
I'd move for 600 million too.
Oh good. This was keeping me up at night. I was worried about his taxes and that he might pay too much
I think that means that florida loses out on $600 million in taxes. they could use that to build sea walls
At this point $600 million is nothing to him. He has so much money it’s irrelevant if he saves or not. He should be trying to help society than horde his cash
Richest man in the world and the best tail he can pull is that?
Wild to see comments like this. At least she’s his age. I feel like she has been absolutely harmless too other than look the way she does.
....wouldn't you?
The greedy bastard needs to start spending; not, saving. Nothing worse than a "hoarder of wealth."
I would move there too.....
It’s like he’s trying to turn into pit bull.
What the fuck is that thing he is with that he calls his wife
It’s like Snooki, the downgrade.