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Espresso for the road: Howard Schultz, job creators to flee Washington state’s millionaire tax

Seattle resident Howard Schultz, the founder and longtime face of Starbucks, has announced that he will be drinking his vanilla soy latte in Miami from now on, driven off by a threatened millionaire income tax in Washington state.

Schultz built the coffee house chain into a worldwide phenomenon that now has 33,833 stores. He has been a centerpiece of Seattle life and commerce for over 40 years.  

But the new tax is the final straw. The bill is making its way, inevitably, through the state legislature. Gov. Bob Ferguson has indicated he will gleefully sign it into law.

Many Californians don’t realize the state of Washington is one of nine without a personal income tax.  Politicians in Olympia are aiming to change that in a unique manner — by taxing those with federal adjusted gross income above $1 million in a year. 

The proposed new tax would take effect for the 2028 tax year. The tax rate will be 9.9% of income above that magic number.  Someone making $10 million must hand over nearly $1 million that they currently don’t pay.  

The elected officials are providing the public with the usual class warfare arguments. The tax supposedly will only hit 0.5% of taxpayers. Politicians........

© New York Post