Report: Billionaire Tax Officially Heads To Nov. 3 Ballot [California Wealth Tax]

Attorney and CPA Chad D. Cummings discusses the qualified California Billionaire Tax Act ballot measure in this presentation. The measure, which would impose a five percent wealth tax on billionaires’ assets, has officially qualified for the November 3, 2026 general election despite opposition from Governor Newsom, Planned Parenthood Affiliates of California, the California Teachers Association, and others. Even before a single vote, the proposal has already driven significant departures, with billionaires such as Mark Zuckerberg, Larry Page, Sergey Brin, Peter Thiel, and David Sacks relocating out of state and costing California substantial ongoing income tax revenue at the 13.3 percent top marginal rate. This presentation explains how redomestication, paired with a change of personal residency and reduction of business operations in California, allows business owners to protect their companies from these expanding tax risks. The process transfers the entity’s domicile without dissolution and without federal income tax consequences when done properly. If you own a business in California, the pattern is clear. Learn more: https://www.cummings.law/redomestication/