Former Starbucks chief says he has relocated to Miami shortly after Washington lawmakers advanced a new tax targeting high earners.
By yourNEWS Media Newsroom
The Washington State House approved legislation creating a new tax on high-income residents following an extended debate Tuesday, and hours later former Starbucks chief executive Howard Schultz disclosed that he has relocated to Florida.
Lawmakers passed Senate Bill 6346 after roughly 24 hours of discussion. The measure imposes a tax on individuals earning more than $1 million annually and was approved by a 51–46 vote in the Democrat-controlled chamber. Details of the vote and the proposed tax structure were outlined in reporting from Forbes.
According to the legislation, the tax would begin taking effect in 2028, with the first payments scheduled for 2029.
Shortly after the vote, Schultz — who built Starbucks into a global coffee chain and served multiple terms as the company’s chief executive — revealed that he and his wife had relocated to Miami.
In a message shared on social media and highlighted in a post available here, Schultz reflected on his long connection to the Pacific Northwest while announcing the move.
“Forty-four years ago, Sheri and I made the cross-country trip from NYC to Seattle in our 1979 Audi along with Jonas our Golden Retriever. We were starting a new life,” he wrote.
Schultz said the relocation comes as he and his family enter a new stage of life.
“The spirit of continuing forward has long underpinned our approach to life—in business, in philanthropy and most importantly, as a family,” Schultz said. “For those of you who know us well, we have entered the ‘retirement’ phase of our lives.”
“And we have moved to Miami for our next adventure together. We are enjoying the sunshine of South Florida and its allure to our kids on the East Coast as they raise families of their own.”
In the same message, Schultz credited the Pacific Northwest with shaping Starbucks and its corporate culture.
“Like many other Seattle-based companies, Starbucks today stands on the shoulders of the many Pacific Northwesterners who built the company,” he wrote. “They helped shape the culture, the benefits and the brand, contributing to the civic, community and public life of the city and state.”
The announcement comes as the company continues to expand operations outside Washington state.
Starbucks recently confirmed plans to establish a corporate office in Nashville, Tennessee. According to reporting cited by the Wall Street Journal, the move will involve relocating some roles currently based in Seattle while creating new positions in Tennessee.
“Starbucks plans to offer relocation opportunities to dozens of Seattle-based employees, while also opening additional roles in the Nashville market over time,” the report stated.
The Washington tax measure and Schultz’s relocation have fueled debate over the potential economic effects of policies targeting high earners.
Supporters of the legislation argue that the tax could generate additional revenue for public programs, while critics say such policies could prompt wealthy residents and businesses to move to other states.
Florida, which does not levy a state income tax, has become a frequent destination for individuals and companies seeking lower tax burdens and different regulatory environments.
The Washington Senate Bill will now continue through the legislative process as policymakers consider the long-term fiscal and economic implications of the proposal.
Original article
Comments