Starbucks' Howard Schultz Moves to Miami Amid Tax Debate

The timing of the former CEO's relocation is seen as a response to proposed income tax on high earners in Washington state.

Published on Mar. 11, 2026

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Hours after House Democrats in Washington state passed a proposed income tax on millionaires, Starbucks' former CEO Howard Schultz announced that he and his wife have moved to Miami. Republican lawmakers were quick to draw a connection between the tax proposal and Schultz's relocation, suggesting it is a sign of more high-earners leaving the state.

Why it matters

The proposed income tax on households earning over $1 million annually has sparked a debate over the impact of higher taxes on the wealthy and whether it could lead to an exodus of investment and wealth from the state. Schultz's move to Florida, a state with no income tax, is seen as an example of this potential 'capital flight'.

The details

The Washington state House passed the 'millionaires tax' bill on a 51-46 vote, which would impose a 9.9% levy on household income over $1 million starting in 2029 if approved by the Senate and signed by the governor. Schultz, whose net worth is estimated at $3.5 billion, did not directly cite the tax proposal in his announcement about moving to Miami, but Republican lawmakers were quick to draw a connection. Critics have warned of looming capital flight due to the possible income tax, though experts disagree on the extent to which taxes inform where the wealthy choose to live.

  • On March 11, 2026, House Democrats in Washington state passed a proposed income tax on millionaires.
  • Also on March 11, 2026, Howard Schultz announced he and his wife have moved to Miami.

The players

Howard Schultz

The former CEO of Starbucks, who has an estimated net worth of $3.5 billion.

Bob Ferguson

The governor of Washington state, who is pushing for the income tax on high earners.

Drew Stokesbary

The House Republican Leader in Washington state, who said Schultz's timing is 'not a coincidence'.

Laurie Jinkins

The Speaker of the Washington state House, who said Schultz's move to Florida may protect him from high insurance costs.

John Braun

The Senate Minority Leader in Washington state, who argued that previously adopted taxes pushed out business leaders like Jeff Bezos and Ken Fisher.

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What they’re saying

“That timing is not a coincidence.”

— Drew Stokesbary, House Republican Leader (tri-cityherald.com)

“Hopefully, his retirement income will protect him from the elements and from these high insurance costs.”

— Laurie Jinkins, House Speaker (tri-cityherald.com)

What’s next

The Washington state Senate must approve the House's changes to the 'millionaires tax' bill, and then the governor must sign it, before the tax would be collected starting in 2029.

The takeaway

Schultz's move to Florida highlights the ongoing debate over the impact of higher taxes on the wealthy and the potential for an exodus of investment and wealth from states that implement such measures. The situation underscores the complex economic and political considerations surrounding tax policy.