California business owners: how to reduce or even eliminate your California taxes [step-by-step]

Attorney and CPA Chad D. Cummings notes the Financial Times report that California billionaires have put nearly forty million dollars into the campaign against Proposition 40, the wealth tax on the November ballot. The measure would impose a one-time five percent tax on the net worth of Californians holding more than one billion dollars in covered assets. The opposition committee Building a Better California received multi-million-dollar checks from technology and venture investors, according to an August 14 filing. These are people writing eight-figure checks for the chance that a tax might not pass. Most business owners do not have that option and do not need it. Changing where a company is domiciled and where the owner resides can alter tax exposure without a ballot campaign or a lobby in Sacramento. Florida and Texas impose no personal income tax and no wealth tax. Neither is debating one. The rules are knowable in advance. California’s recurring ballot fights create uncertainty that never appears on a rate table. The people spending forty million dollars this fall have too much fixed in the state to walk away. Most business owners are not in that position and can decide where their company lives long before anyone counts the ballots. Learn about transferring your company out of California: https://www.cummings.law/redomestication/move-business-out-of-california