Howard Schultz leaves Seattle as local lawmakers mull millionaire tax

1 hour ago 3

Former Starbucks main enforcement Howard Schultz said successful a LinkedIn post that helium and his woman are moving from Seattle to Florida aft much than 4 decades successful the city, wherever helium helped physique the java concatenation into a planetary brand.

His announcement comes arsenic Washington authorities lawmakers beforehand a alleged millionaire taxation that would levy a astir 10% yearly taxation connected idiosyncratic net implicit $1 million.

Schultz didn't mention the wealthiness taxation successful his announcement, posted precocious Tuesday, astir his planned determination to Florida. But helium wrote that helium hopes Washington authorities "will stay a spot for concern and entrepreneurship to thrive, creating indispensable accidental for those successful Seattle and the surrounding areas."

Flight of the millionaires?

Wealth taxes are sparking debates among lawmakers and argumentation experts astir whether they could origin high-income residents to determination to locations with much favorable taxation laws.

In California, a proposed ballot initiative would institute a one-time 5% taxation connected the state's estimated 255 billionaires — a determination that immoderate opponents, including Gov. Gavin Newsom, person warned could trigger an exodus of ultra-wealthy residents.

Schultz said helium and his woman are moving to Florida — 1 of the fewer U.S. states without a idiosyncratic income taxation — arsenic they participate retirement.

"We person moved to Miami for our adjacent escapade together. We are enjoying the sunshine of South Florida and its allure to our kids connected the East Coast arsenic they rise families of their own," helium wrote.

Washington authorities is 1 of the fewer states controlled by Democrats that doesn't taxation wages oregon salaries, though it does taxation definite concern proceeds. The wealthiness taxation is aimed astatine bridging a fund shortfall and helping money services specified arsenic escaped K-12 schoolhouse meals.

House lawmakers successful the authorities adopted the measurement this week aft an all-night league deliberating amendments to the proposal. It is present acceptable to instrumentality to the state's Senate, which passed a mentation previously.

Support from the governor

Washington Gov. Bob Ferguson, a Democrat, endorsed the wealthiness taxation successful December, saying that it would marque the state's taxation fairer. He has indicated that he'll motion the instrumentality if the legislature tin nonstop it to him earlier they adjourn connected Thursday.

Schultz, whom the Bloomberg Billionaires Index says is worthy $6.6 billion, paid astir $44 cardinal for a penthouse astatine the Surf Club, Four Seasons Private Residences successful Surfside, Florida, the Wall Street Journal reported connected Wednesday. The ocean-view portion has 5 bedrooms, a cardinal courtyard and a rooftop terrace successful its 5,500-square-foot space, the Journal noted.

Schultz noted that his backstage household office, an concern steadfast that manages his family's finances, is besides located successful Miami, portion the Schultz Family Foundation volition stay successful Seattle.

"We volition beryllium everlastingly grateful for the memories made successful Seattle and the relationships built on the way," Schultz wrote.

Edited by Alain Sherter

The Associated Press contributed to this report.

In: