Coffee King Howard Schultz Flees to Florida After Washington Wealth Tax Passes

The former Starbucks CEO announced he's moving to Miami just hours after Washington state lawmakers advanced a new tax on high-earners.

Mar. 12, 2026 at 3:20pm

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Former Starbucks CEO Howard Schultz, with an estimated net worth of $4.3 billion, announced he is moving from Washington state to Miami, Florida just hours after state lawmakers passed a new wealth tax targeting residents earning over $1 million per year. Schultz praised the Pacific Northwesterners who helped build Starbucks, but did not mention Seattle's growing homelessness and drug crises.

Why it matters

Schultz's move highlights how high-net-worth individuals may seek to avoid new taxes by relocating to more tax-friendly states. The new Washington wealth tax is expected to raise $4 billion per year, which will be used to cut other taxes and expand the Working Families Tax Credit, but the state may face an exodus of top earners as a result.

The details

Under the new Washington 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. The measure passed the Democrat-controlled state House by a vote of 51-46 after over 24 hours of debate. Schultz, who bought Starbucks in 1987 and built it into a global brand, announced his move to Miami in a LinkedIn post, praising the Pacific Northwesterners who helped the company succeed but not addressing Seattle's growing social issues.

  • On March 12, 2026, the Washington state House passed the so-called Millionaire's tax.
  • Just hours after the House vote, Howard Schultz announced he was moving from Washington to Miami, Florida.

The players

Howard Schultz

The former CEO of Starbucks, who bought the company in 1987 and built it into a global brand. Schultz has an estimated net worth of $4.3 billion.

SB 6346

A new wealth tax passed by the Washington state House that would impose a 9.9% tax on income over $1 million per year, starting in 2029.

Bob Ferguson

The governor of Washington state, who has said he plans to sign the Millionaire's tax into law.

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What they’re saying

“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.”

— Howard Schultz (LinkedIn)

“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.”

— Bob Ferguson, Governor of Washington (X)

What’s next

The Washington state Senate is expected to hold a final vote on the Millionaire's tax bill soon, after which it will go to Governor Ferguson's desk for his signature.

The takeaway

Schultz's decision to relocate to Florida highlights how high-net-worth individuals may seek to avoid new taxes by moving to more tax-friendly states. While the new Washington wealth tax aims to provide more funding for working families and small businesses, it could also spur an exodus of top earners from the state.