Financial Times: "A wealth tax in America? Not if Silicon Valley’s billionaires have their way."

Attorney and CPA Chad D. Cummings discusses the upcoming California wealth tax ballot measure in this presentation as reported by Stephen Foley of the Financial Times. Proposition 40, which would impose a five percent tax on the net worth of California billionaires, has qualified for the November 3, 2026 general election and is shaping up as one of the most expensive and closely watched referendum battles in the state’s history. Backers argue it will raise $100 billion to replace lost federal healthcare funding, while opponents, including a broad coalition of billionaires, unions, and Governor Newsom, warn of capital flight, economic damage, and the likelihood that the tax will not remain limited to billionaires. This presentation examines the proposal’s details, the early exodus of high-net-worth individuals, the spoiler measures on the ballot, and the strategic implications for California business owners. Redomestication offers a proven path to transfer a company out of California without dissolution and without federal income tax consequences when performed correctly. If you own a business in California, the stakes of this vote are significant. Learn more: https://www.cummings.law/redomestication/move-business-out-of-california/