Yet another rich guy is fleeing their Democrat-controlled state over a new wealth tax. Former Starbucks CEO Howard Schultz, a huge liberal himself, announced that he's moving from Washington state to Miami, Florida - hours after state lawmakers advanced a tax bill targeting residents earning over $1 million per year.
Schultz, 72, who bought the company in 1987 and built it into the globally recognized chain it is today, made the announcement in a Tuesday LinkedIn post - writing that he and his wife Sheri were moving to Florida "for our next adventure together."
"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," he wrote.
Under the new wealth tax, SB 6346, people making over $1 million per year would pay a $9.9% tax on income above that threshold starting in 2029. A final vote could come as early as today in the state Senate, after which it would go to Gov. Bob Ferguson's desk where he says he plans to sign it.
Schultz's announcement came hours after the Washington state House passed the so-called Millionaire's tax after more than a day of debate. The new wealth tax, which will raise an estimated $4 billion per year, will be used to cut other taxes and expand the Working Families Tax Credit to an estimated 460,000 households (until of course a flood of high-earners leave the state). The measure passed in the Democrat-controlled house by 51-46 after a debate which exceeded 24 hours.
Schultz, whose net worth is estimated by Forbes a $4.3 billion, went on to praise Pacific Northwesterners who helped build Starbucks into a worldwide brand - saying that it is their "hope that Washington will remain a place for business and entrepreneurship to thrive."
Of course, he didn't mention that Seattle has become a cesspool, with open-air drug markets and soft-on-crime leadership that's done virtually nothing to stem the homeless crisis and fentanyl epidemic.
Starbucks headquarters will remain in Seattle, however the company announced earlier this month that it will be expanding its corporate footprint to Nashville, Tennessee as the company moves to expand its presence in the Southeast. Like Florida, Tennessee taxes are far more favorable for rich people, and in many cases, corporations.
"The Millionaires’ Tax passed by the House represents historic progress in rebalancing our unfair system. It sends significant dollars back to Washington families and small businesses," Gov. Ferguson said on X.
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