The news of Jeff Bezos fleeing Washington state reminded me of Boeing’s decision to move its corporate headquarters from Seattle more than 20 years ago. I said then, “Boeing is lucky because they get to leave. Thousands of small business owners wish they could afford to leave, too.”
That’s the exact same sentiment I have for Bezos. He’s one of the fortunate few who can get out of the high-taxed, decaying state of Washington. According to recent polling, 50 percent of Washingtonians want to leave the state.
Most can’t.
Interesting that Bezos’ parents escaped to Florida, as well. They were no doubt fleeing to avoid Washington’s excessive 20 percent death tax — the highest in the nation. Every financial consultant advising wealthy Washingtonians warns his clients not to die in Washington state.
Paul Allen, the multi-billionaire who co-founded Microsoft, made that mistake and reportedly his heirs had to write a $1 billion check to Gov. Jay Inslee’s Department of Revenue.
Jeff Bezos isn’t close to death, so he is skedaddling to Florida to avoid Inslee’s new 7 percent capital gains tax.
When that tax was approved, a Washington Democrat legislator sarcastically remarked that those leaving Washington for Florida should enjoy the hurricanes and the bugs. I assume Bezos can buy storm windows and plenty of bug spray with the billions in taxes he’ll be saving.
The Freedom Foundation filed a lawsuit to overturn Washington’s 7 percent capital gains tax. We won in trial court, but the state Supreme Court reinstated the tax.
We then hired Paul Clement, a high profile national attorney, to appeal the ruling to the U.S. Supreme Court.
It’s been a long, arduous and expensive fight. Hundreds of small business owners have helped finance the Freedom Foundation’s litigation.
Jeff Bezos wasn’t among them. He just left.