London Daily

Focus on the big picture.
Tuesday, Jul 22, 2025

Suggested Washington State Wealth Tax Would Have Jeff Bezos Owe $2Bln a Year

Suggested Washington State Wealth Tax Would Have Jeff Bezos Owe $2Bln a Year

The state of Washington recently proposed a wealth tax that would oblige those with over $1 billion to pay 1 percent. According to those behind the bill, the wealth tax would combat inequality in the state's tax laws.

Jeff Bezos, the founder of Amazon and the man reported to be the second richest person on Earth, would owe $2 billion in state taxes if Washington implements a wealth tax proposed earlier, according to a Tuesday report by CNBC, citing an assessment made by the Tax Foundation think tank.

According to what the Tax Foundation's Jared Walczak told the outlet, Bezos would be accompanied by three other billionaires who call Washington state their home: Bill Gates, MacKenzie Scott and Steve Ballmer. Gates would have to pay $1.3 billion, Scott, a mere $600 million, and Ballmer some $870 million.

Walczak said that the four would constitute 97% of the proposed wealth tax. However, there is an easy way for them to avoid it.

Having no day-to-day corporate roles in the state, the billionaires could switch their permanent residence to another place and still spend up to 182 days in the state of Washington. This move, according to Walczak, could harm the economy instead of what was initially planned as a move to combat tax inequality.

“This would not only foil the wealth tax but would deprive the state of other revenue as well,” Walczak said. “These wealthy residents still pay a disproportionate share of state and local taxes and contribute substantially to the local economy. Chasing them out would have serious consequences beyond the failure of a new tax.”

The initial goal of the wealth tax bill, according to State Representative Noel Frame, who introduced it, is to balance the "entirely inequitable" tax code, where, according to Frame, the lowest earners pay 18% of their income in state taxes, while the top 1% pay only 6%.

Frame dismissed the idea of billionaires avoiding taxes by switching their residence.

“The idea that they will just pick up and leave is a cynical view and it’s not supported by evidence,” Frame said, referring to studies showing that increase in taxes did not cause escalation in migration of the wealthy.

Bezos announced last week that he would step down as the CEO of the Amazon retail company - the firm that largely provided him his wealth - and transition into the role of executive chairman.

Said to be the second-richest person in the world, Bezos is second only to Tesla and SpaceX CEO, Elon Musk.

Comments

Oh ya 4 year ago
Ya go for it and see how it works out for you

Newsletter

Related Articles

0:00
0:00
Close
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
Microsoft, US Lab to Use AI for Faster Nuclear Plant Licensing
Trump Walks Back Talk of Firing Fed Chair Jerome Powell
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Irish Tech Worker Detained 100 days by US Authorities for Overstaying Visa
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Jeff Bezos Considers Purchasing Condé Nast as a Wedding Gift
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
South African Police Minister Suspended Amid Organised Crime Allegations
Nvidia CEO Claims Chinese Military Reluctance to Use US AI Technology
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
×