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🚀 There is never too much money: how the rich save
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Those who know how to make money are no less good at counting it. Jeff Bezos is leaving Seattle and moving to Miami - it will save him more than $600 million in taxes. And Space X changed its state of registration from Delaware to Texas only because the court left Musk without a record salary at Tesla.
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Since 1998, Bezos has regularly sold shares of Amazon (NASDAQ: AMZN) to fund his philanthropy, space company Blue Origin, and other projects. In 2022, Washington State introduced a new capital gains tax of 7% on the sale of more than $250,000 in stocks or bonds. When the tax went into effect, Jeff stopped selling, and only last December he donated $200 million worth of shares to a certain private foundation.
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Florida has no state income tax or capital gains tax. So last week's sale of $2 billion in Amazon stock saved Bezos the $140 million he would have paid in Washington state. The billionaire believes that there is a more rational use for his money than paying taxes on the budget. Quite a reasonable decision.
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"Bureaucrats and thieves" (in Elon's personal opinion) considered the $56 billion in salary accrued to him to be an "incomprehensible amount" that would be unfair to Tesla shareholders and cancelled the largest bonus package in corporate America. "Never register your company in the state of Delaware," Musk wrote on his social network X and launched a survey among users about whether Tesla should also change its state of registration. More than 87% have already voted "yes," but it is much more interesting what Tesla shareholders will say about this. Texas tax laws are much more complex and less lenient than in Delaware, and it is unlikely that the average investor is willing to lose money just because Elon was wronged.
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And what do you think?
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Profits to y’all!