A movement in Washington state to pass a new tax on millionaires may have persuaded billionaire Howard Schultz to abandon his decades-long residence in Seattle.
Schultz has lived in Seattle for four decades and headed the Starbucks corporation as it grew into a global brand.
‘We will be forever grateful for the memories made in Seattle and the relationships built along the way.’
On Tuesday Schultz posted an announcement on LinkedIn that he was leaving rainy Seattle for sunnier climes in Florida.
“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,” he wrote in the post.
“We will be forever grateful for the memories made in Seattle and the relationships built along the way,” he added.
Schultz did not cite the new tax proposal, but it was aimed straight at wealthy individuals like him. The millionaire tax would strip another 10% of personal earnings over a million dollars on top of the state’s already heavy tax burden.
The state House already passed the tax proposal, and it is likely to pass the Senate as well.
Schultz paid $44 million for a five-bedroom penthouse with an ocean view and 5,500 square feet that includes a rooftop terrace.
He wrote that he had hopes Washington state would “remain a place for business and entrepreneurship to thrive, creating essential opportunity for those in Seattle and the surrounding areas.”
Had he stayed, his resulting tax bill under the new proposal could have cost him tens of millions of dollars.
RELATED: Director Steven Spielberg abandons California as debate over billionaire tax heats up
Democrats in California have been pushing a similar tax proposal, and the wealthy have been abandoning the state in anticipation that the proposal will pass soon.
Among those who have already left the state is legendary director Steven Spielberg, who did not mention the proposal but skedaddled from the state just ahead of the deadline set in the motion.
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