Howard Schultz fleeing Seattle for Florida
What happened
Starbucks founder Howard Schultz is relocating from Seattle to Florida due to Washington's new income tax on businesses reported.
Why it matters
Washington's new 7% capital gains tax, which applies to profits over $250,000 from the sale of assets like stocks and bonds, likely influenced Schultz's decision. He has been a vocal critic of Seattle's tax policies and business climate for years. Schultz isn't the first wealthy individual or business to relocate to Florida, which has no state income tax. This trend could put pressure on Washington to reconsider its tax policies to remain competitive. Florida's lower tax environment can be a significant draw for high-net-worth individuals and corporations. This shift can impact the tax base and economy of both states.
Key numbers
- Washington's new 7% capital gains tax, which applies to profits over $250,000 from the sale of assets like stocks and bonds, likely influenced Schultz's decision.
What happens next
- This trend could put pressure on Washington to reconsider its tax policies to remain competitive.
Sources
Quick answers
What happened in Howard Schultz fleeing Seattle for Florida?
Starbucks founder Howard Schultz is relocating from Seattle to Florida due to Washington's new income tax on businesses reported.
Why does Howard Schultz fleeing Seattle for Florida matter?
Washington's new 7% capital gains tax, which applies to profits over $250,000 from the sale of assets like stocks and bonds, likely influenced Schultz's decision. He has been a vocal critic of Seattle's tax policies and business climate for years. Schultz isn't the first wealthy individual or business to relocate to Florida, which has no state income tax. This trend could put pressure on Washington to reconsider its tax policies to remain competitive. Florida's lower tax environment can be a significant draw for high-net-worth individuals and corporations. This shift can impact the tax base and economy of both states.
