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Starbucks' Schultz Relocates to Florida Amid Wealth Tax

3/12/2026

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Summary

Story summary

Howard Schultz, the former CEO of Starbucks, announced his move from Seattle to Florida.
Washington state approved a nearly 10% wealth tax on high earners.
Schultz cited a desire for a retirement adventure and did not mention the tax in his LinkedIn post.
Starbucks is closing five Seattle stores and opening a Nashville corporate office, and Schultz expressed gratitude for Seattle's role.

History

Historical Context

In 2022, Washington state enacted a nearly 10% wealth tax on individuals with over $250 million in assets, reflecting growing concerns over income inequality. This policy shift follows decades of rising wealth concentration, where the top 10% of American households controlled nearly 75% of net worth by 2019. The relocation of wealthy individuals like Howard Schultz to tax-friendly states may further impact local economies and tax revenues.

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Story summary

Howard Schultz, the former CEO of Starbucks, announced his move from Seattle to Florida.
Washington state approved a nearly 10% wealth tax on high earners.
Schultz cited a desire for a retirement adventure and did not mention the tax in his LinkedIn post.
Starbucks is closing five Seattle stores and opening a Nashville corporate office, and Schultz expressed gratitude for Seattle's role.

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