Summary
Howard Schultz, former CEO of Starbucks, announced he and his wife are moving from Washington to Miami, Florida. This decision comes shortly after Washington lawmakers advanced a tax bill targeting residents earning over $1 million annually. Schultz cited the appeal of Miami as the reason for the move.
Key Facts
- Howard Schultz, who helped grow Starbucks, announced his move to Florida on LinkedIn.
- Washington state lawmakers are proposing a new tax for those earning over $1 million a year.
- Schultz described his move as motivated by the lifestyle in Miami, not the tax changes.
- There is ongoing debate about whether high taxes lead wealthy people to leave certain states.
- Starbucks plans to keep its Seattle headquarters but will open a new office in Nashville, Tennessee, later this year.
- Tennessee and Florida have tax systems that are generally more favorable for wealthy individuals than Washington.
- Washington's proposed tax would impose a 9.9% rate on income over $1 million starting in 2028.
- Part of the new tax revenue aims to expand the Working Families Tax Credit for many households.
