Former Starbucks Chief Howard Schultz Ditches Seattle for Miami Just as State Legislature Inches Toward New Income Tax on High Earners

The billionaire former chief executive officer of Starbucks is fleeing Seattle for Miami — and he chose the very same day the lower house of the state legislature approved a new income tax on high-earners to announce his move.Howard Schultz, a long-time Democratic donor who once considered running for president, announced in a LinkedIn post that he and his wife, Sheri, had moved to Miami, and relocated their private family office as well. Mr. Schultz paid about $44 million for a penthouse condo at Surfside, Florida, the Wall Street Journal reported on Wednesday.The Schultz Family Foundation, the couple’s nonprofit, will continue operations in Seattle, according to Mr. Schultz.Mr. Schultz bought Starbucks from its founders in 1987 and transformed the Seattle-based coffee company into an international coffee giant. His family lived in the Seattle area for decades.Mr. Schultz made the announcement about his move on the same day the state’s House of Representatives narrowly approved a so-called millionaires tax that will impose a 9.9 percent tax on income above $1 million a year. Governor Bob Ferguson has already indicated that he plans to sign the legislation if it is approved by the Senate.Mr. Schultz’s LinkedIn post did not mention the legislation, but alluded to concerns about the business environment in the state. Washington does not currently have a state income tax.“It is our hope that Washington will remain a place for business and entrepreneurship to thrive, creating essential opportunity for those in Seattle and the surrounding areas,” Mr. Schultz wrote.The Tax Foundation says Washington is the fifth worst state in the country for tax competitiveness. It lists Washington as the third most expensive when it comes to combined state and average local sales taxes. The foundation also says the state is tied with Hawaii for the highest top estate tax rate and third highest for gas tax.Washington’s Office of Financial Management says that the state’s population continued to grow last year but the growth rate is much slower than it was last decade.The Washington Policy Center says that while the population is growing, they are earning lower salaries than people moving away from the state due to high costs. That is leaving the state with declining tax revenues.The organization says people who are leaving are going to lower-tax states like Idaho, Texas, Nevada, and Florida. Mr. Schultz’s new home, Florida, does not have a state income tax.

Former Starbucks Chief Howard Schultz Ditches Seattle for Miami Just as State Legislature Inches Toward New Income Tax on High Earners

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