Millionaires, Billionaires & Taxes — An Exodus in Progress

Two Seattle, Washington area voters want Seattle Mayor Katie Wilson recalled. The socialist mayor thumbed her nose at, and waved bye-bye to, millionaires like Starbucks founder, Howard Schultz leaving the state. The company he founded is moving major parts of management — and the employees — to Tennessee.

Some say the company will eventually abandon Seattle.

King County Superior Court Judge Patrick Oishi will hear the recall petition on August 31st. The petitioners say she is neglecting her public safety duties. A recent poll found 66% of Seattleites disapprove of her job performance, 60% want her to resign and 53% want her gone.

This is just one area millionaires are shunning. The ultra wealthy all along the West coast are heading for Florida. Nose-thumbing aside, and in the case of Seattle, Wilson should know they're taking $29 billion in tax revenue with them.

She apparently doesn’t care.

Google co-founders Larry Page and Sergey Brin are taking their many billions to Florida. Page is worth $295 billion and Brin’s net worth is $275 billion. Just in case the state’s 5% billionaires tax passed in November, they packed up and left from California to Florida at the first of the year.

Starbucks founder Schultz is worth $3.4 billion and Meta CEO Mark Zuckerberg has a $195 billion net worth. They both picked up property in Florida this year.

The list of millionaires leaving California, Washington and Oregon just keeps on growing. Florida has a very low tax burden with no income tax and no capital gains tax.

The state is billing itself as business friendly.

And speaking of Starbucks, the company is going to close somewhere around 400 stores before the end this year. It’s part of CEO Brian Niccol’s $1 billion Back to Starbucks plan to turn the company around.

Some of the stores to be closed have been operating for decades. Others are relatively new. Performance will determine who stays open and who doesn’t.

Right now seven stores more stores are being aded to those closed in Seattle, the company’s original city.

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