Former Starbucks CEO Howard Schultz announced Tuesday that he and his wife will relocate from Seattle to Miami, ending more than four decades of residence in Washington state.

Schultz, who led the coffee chain for multiple tenures and built it into a global brand from its Seattle headquarters, made the announcement as Washington state lawmakers are considering new tax legislation targeting high earners.

The proposed tax would impose approximately 10 percent annually on earnings exceeding $1 million. The timing of Schultz's relocation announcement coincides with legislative discussions about the measure, though he has not explicitly cited the tax as his reason for moving.

Schultz has been a prominent figure in Seattle's business community since joining Starbucks in 1982. He served as CEO during multiple periods and was instrumental in the company's expansion from a small regional chain to an international corporation with thousands of locations worldwide.

The move represents a notable departure of a high-profile business leader from Washington state. Schultz joins other wealthy individuals who have relocated from states with higher tax rates to states like Florida, which does not impose a state income tax.

Washington state currently does not have a personal income tax, relying instead on sales taxes and other revenue sources. The proposed millionaire tax would represent a significant shift in the state's tax structure if enacted.