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Starbucks Founder Schultz Retires, Relocates to Miami

3/12/2026

24 5 Full Breakdown

Summary

Story summary

Howard Schultz, founder of Starbucks, announced his retirement and relocation to Miami, Florida, after nearly 50 years in Seattle.
Washington state's 9.9% "millionaires tax" on households earning over $1 million starts in 2029.
Schultz, whose net worth is about $3.5 billion, bought a $44 million Miami penthouse.
The Schultz Family Foundation will remain in Seattle, while the family's private office moves to Florida.

History

Historical Context

In 2021, Washington State enacted a 7% tax on capital gains exceeding $250,000, targeting affluent individuals like Howard Schultz, whose net worth is $3.5 billion. This move reflects a broader trend of states adjusting tax policies to address wealth inequality. Schultz's subsequent relocation to Florida, which has no state income tax, highlights the potential impact of such taxes on high-net-worth individuals and future tax legislation.

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Story summary

Howard Schultz, founder of Starbucks, announced his retirement and relocation to Miami, Florida, after nearly 50 years in Seattle.
Washington state's 9.9% "millionaires tax" on households earning over $1 million starts in 2029.
Schultz, whose net worth is about $3.5 billion, bought a $44 million Miami penthouse.
The Schultz Family Foundation will remain in Seattle, while the family's private office moves to Florida.

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