Former Starbucks chief executive Howard Schultz said in a LinkedIn post that he and his wife are moving from Seattle to Florida after more than four decades in the city, where he helped build the coffee chain into a global brand.
His announcement comes as Washington state lawmakers advance a so-called millionaire tax that would levy a nearly 10% annual tax on personal earnings over $1 million.
Schultz didn’t cite the wealth tax in his announcement, posted late Tuesday, about his planned move to Florida. But he wrote that he hopes Washington state “will remain a place for business and entrepreneurship to thrive, creating essential opportunity for those in Seattle and the surrounding areas.”
Flight of the millionaires?
Wealth taxes are sparking debates among lawmakers and policy experts about whether they could cause high-income residents to move to locations with more favorable tax laws…