Howard Schultz leaves Washington as state targets wealthy with new tax
Former Starbucks CEO Howard Schultz and his wife have left Washington state after nearly 44 years. The couple recently relocated to Florida as they enter what Schultz calls their 'retirement phase'. Meanwhile, Washington lawmakers have advanced a new tax bill that would affect wealthy residents like Schultz—had he stayed.
Schultz first joined Starbucks in 1982 and went on to lead the company as CEO three separate times. After stepping back from day-to-day operations, he shifted focus to philanthropy through the Schultz Family Foundation. The organisation supports veterans via Onward Veterans, launched in 2021, and funds youth opportunity programmes. Beyond charity, he briefly explored politics, backing the centrist 'No Labels' movement for a 2024 presidential run before withdrawing in 2023. More recently, he advised the Israeli government on business matters in early 2024.
His departure from Washington coincides with the state's push for a 'millionaires tax'. The House of Representatives passed the bill in a close 51-46 vote, proposing a 9.9% income tax on households earning over $1 million annually. Schultz, whose net worth is estimated at $3.5 billion, would have been among those affected. Despite leaving its home state, Starbucks continues expanding. The company is set to open a new corporate office in Nashville, further growing its national footprint.
The move to Florida marks a new chapter for Schultz, now 70, as he steps away from both business and political ambitions. Washington's proposed tax, if enacted, will apply to its highest earners starting in 2025. Starbucks, meanwhile, presses ahead with growth plans, including its upcoming Nashville office opening.
Read also:
- American teenagers taking up farming roles previously filled by immigrants, a concept revisited from 1965's labor market shift.
- Weekly affairs in the German Federal Parliament (Bundestag)
- Landslide claims seven lives, injures six individuals while they work to restore a water channel in the northern region of Pakistan
- Escalating conflict in Sudan has prompted the United Nations to announce a critical gender crisis, highlighting the disproportionate impact of the ongoing violence on women and girls.
