Howard Schultz, the former CEO of Starbucks, has announced his move from Seattle to Miami after more than four decades in Washington state. This decision comes as Washington lawmakers advance a so-called millionaire tax that would impose a nearly 10% annual tax on personal earnings over $1 million.
Key Takeaways
Howard Schultz, former Starbucks CEO, has moved from Seattle to Miami as Washington state considers a new tax on high earners. The move comes amid debates about wealth taxes driving wealthy individuals to lower-tax states like Florida.
- Howard Schultz moves to Miami after 44 years in Seattle
- Washington state advances a 9.9% tax on income over $1 million
- Schultz's move follows similar decisions by other billionaires, including Mark Zuckerberg and Larry Page
- Florida attracts wealthy individuals due to its lack of personal income tax
Schultz did not explicitly cite the wealth tax as the reason for his move, but he expressed hope that Washington will remain a place for business and entrepreneurship to thrive. His announcement follows similar moves by other billionaires, including Mark Zuckerberg and Larry Page, who have also relocated to Florida in response to proposed taxes on high earners.
Washington state is one of the few states controlled by Democrats that does not tax wages or salaries, although it does tax certain investment proceeds. The wealth tax is aimed at bridging a budget shortfall and funding services such as free K-12 school meals. Governor Bob Ferguson has endorsed the wealth tax, stating that it would make the state's taxation fairer.
Schultz's move to Florida, which lacks a personal income tax, aligns with a broader trend of wealthy individuals relocating to states with more favorable tax laws. He purchased a $44 million penthouse at the Surf Club, Four Seasons Private Residences in Surfside, Florida. Despite his relocation, Schultz's family foundation will remain in Seattle.
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