The migration of high-income taxpayers to low-tax Florida has been a long-running theme here. The latest example: Amazon founder Jeff Bezos. The Instagram post in which Bezos announces the move to Miami from Seattle mentions family reasons (his parents) and business ("Blue Origin's operations are increasingly shifting to Cape Canaveral).
Even so, it's worth mentioning that Washington state in 2021 imposed a 7 percent state tax on long-term capital gains. (In 2019, Bill Gates complained that Washington state "has the most regressive tax system in the country.") Florida taxes capital gains at zero at the state level. Given Bezos's Amazon stake and other wealth, he'll be able to buy a pretty nice house in Florida and still come out way ahead based on whatever he's going to save in capital gains taxes in Washington state.
