Starbucks’ Howard Schultz moves to Miami. ‘That timing is not a coincidence.’
Hours after House Democrats passed a proposed income tax on millionaires, one of Washington’s most high-profile businessmen announced that he’s left the state.
Starbucks’ former CEO Howard Schultz posted Tuesday night on LinkedIn that he and his wife have moved to Miami.
The multi-billionaire did not mention the passage of Senate Bill 6346, which has been nicknamed the “millionaires tax” by supporters, but national news outlets were quick to point out the timing.
Republican state lawmakers also drew a connection.
“That timing is not a coincidence,” House Republican Leader Drew Stokesbary of Auburn told reporters Wednesday morning, adding: “I think this is a sign of more to come.”
Washington lawmakers debated the proposed tax, which would impose a 9.9% levy on household income over $1 million annually, for more than 24 hours beginning Monday evening. If the Senate approves the House’s changes to the bill and the governor signs it, taxes would be collected starting in 2029.
Schultz’s net worth is estimated at $3.5 billion, according to Forbes, but it isn’t clear how much he earns in income each year.
McClatchy has requested comment from Schultz through LinkedIn and has also contacted Starbucks and his nonprofit, the Schultz Family Foundation.
Gov. Bob Ferguson is pushing for the income tax on high earners. He dropped by the House chamber Tuesday evening shortly before Democrats approved the measure on a 51-46 vote.
Ferguson’s office did not immediately return McClatchy’s request for comment on Wednesday.
House Speaker Laurie Jinkins, a Tacoma Democrat, said in a statement Wednesday that Florida insurance premiums have skyrocketed partly because of the growing yearly threat of hurricanes and rising sea levels.
“Hopefully, his retirement income will protect him from the elements and from these high insurance costs,” she said in the emailed statement. “While his departure may help bring the Sonics back to Seattle, I appreciate his work to build Starbucks as a strong, Washington brand and wish him well in his retirement.”
In a follow-up call with McClatchy on Friday, Jinkins explained: “He was central to the Sonics leaving. We don’t expect his departure will have an effect on getting them back.”
In Schultz’s LinkedIn post, he noted that he and his wife are now in the retirement era of their lives, catching up on traveling. He wrote that they have moved to Miami and are “enjoying the sunshine of South Florida and its allure to our kids on the East Coast as they raise families of their own.”
“It is our hope that Washington will remain a place for business and entrepreneurship to thrive, creating essential opportunity for those in Seattle and the surrounding areas,” Schultz continued.
Meanwhile, Starbucks is reportedly planning to launch a new corporate office in Nashville while keeping its headquarters in Seattle.
Critics and Republican lawmakers have been warning of looming capital flight, an economic term used to describe an exodus of investment and wealth due to higher cost of doing business or taxes, as a result of the possible income tax.
Experts diverge over the extent to which taxes inform where the wealthy choose to live.
Ferguson was asked at a January legislative preview to address worries that the tax might drive innovators out of state.
“Considering the fact that I think 41 states have an income tax, I don’t think that’s going to happen,” he said at the time.
Senate Minority Leader John Braun pointed to multiple moves that he attributes to capital flight during a Wednesday media availability.
The Centralia Republican argued that previously adopted Washington taxes pushed out business big-wigs like Amazon founder Jeff Bezos and investment billionaire Ken Fisher, who reportedly moved to Florida and Texas, respectively. Those states do not have an income tax.
Editor’s note: This article has been updated with clarification and additional comment from House Speaker Laurie Jinkins.
This story was originally published March 11, 2026 at 2:50 PM.
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