Jeff Bezos' move to Miami will save more than $600 million in taxes

Jeff Bezos and Lauren Sanchez walk the Paddock before final practice before the Formula 1 Grand Prix of Miami at Miami International Autodrome on May 06, 2023 in Miami, Florida.

Clive Mason | Formula 1 | Getty Images

Jeff Bezos' $2 billion stock sale last week came with an added benefit: no government taxes.

Last year, Bezos announced on Instagram that he was leaving Seattle after nearly 30 years to move to Miami. He said the move was to be closer to his parents and launch his rocket on Blue Origin. The timing also pointed to another reason: taxes.

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