Caught On Tape: California Billionaire Tax Architect Admits Wealth Confiscation Could Go Further

Attorney and CPA Chad D. Cummings presents this important update on California’s proposed wealth tax and what it really means for business owners. The co-author of the ballot measure, economist Emmanuel Saez, has now confirmed on record that this is not a one-time tax. He openly stated the goal is a recurring, permanent wealth tax on high-net-worth individuals, adding “so be it” to those who choose to leave the state. Tech leaders are already acting: Google co-founders Larry Page and Sergey Brin, Meta CEO Mark Zuckerberg, Palantir CEO Alex Karp, and others have relocated to Florida. This presentation breaks down how the tax would target not just income but accumulated assets—including the value of pass-through businesses—and why redomestication is the cleanest way for California business owners to move their company’s legal domicile to Florida or Texas. The process keeps the same legal entity, the same FEIN, contracts, credit history, and bank accounts intact, with no new entity created and no federal tax triggered when done properly. If you own a business in California and want to get ahead of a tax regime that openly expects people to leave, this shows you the practical path forward. Learn more: https://www.cummings.law/redomestication/