Schultz’s revelation came as Democrat state Rep. Natasha Hill insisted during a House debate that wealthy residents wouldn’t leave Washington if the bill became law: “The truth is, millionaires would pay more in other states, Madam Speaker. … This only applies to 0.25% of Washington’s population, meaning 99.75% are not going to be paying this tax.”
State Rep. Drew Stokesbary (R-Auburn) said Schultz’s decision to leave the state was “no doubt … connected” to the proposed tax. “Howard Schultz is a smart man,” he added.
Florida or Bust
Schultz isn’t the only billionaire who has left Washington in recent years. In 2023, Jeff Bezos, founder of Amazon, announced he was leaving Seattle for, wouldn’t you know it, Miami.
So, what’s drawing the ultra-rich to the Sunshine State? Well, for one, Florida doesn’t have an income tax. Last year, a Henley & Partners World’s Wealthiest Cities Report explained that Miami was one of two South Florida cities – the other being West Palm Beach – to outdo New York City as the fastest-growing wealth hubs in the world.
“I’m not at all surprised that multimillionaires are fleeing blue states and heading towards South Florida markets like West Palm Beach, Miami, Palm Beach. [They] are the recipients of people who are upset with the politics and taxes of the states that they are migrating from,” Dina Goldentayer, real estate giant Douglas Elliman’s top agent, told Fox News Digital.
Like Washington, blue states such as Illinois and California are also discussing a wealth tax – but as affluent residents increasingly flee to income-tax-free states like Tennessee and Florida, they may want to reconsider those plans.
