Report: ‘Everyone’s leaving’: Why more of the wealthy are moving from Massachusetts to other states

According to one esteemed financial advisor in Massachusetts, about half of his wealthy clients in the Commonwealth have either left or are planning to leave, and the IRS data confirms that billions in income are moving with them. In this presentation, attorney and CPA Chad D. Cummings examines the accelerating outflow of high earners from Massachusetts following the adoption of the 4 percent surtax on income above $1 million, and why the impact extends beyond headline tax rates. The discussion explains how mobility of capital, signaling effects of tax policy, and second-order consequences for innovation and investment are reshaping the state’s economic trajectory. It also outlines how redomestication, when paired with a genuine change in residency and business activity, can reduce or eliminate state tax exposure while preserving the legal continuity of an existing company. Finally, the presentation addresses why commonly suggested alternatives such as foreign registration, merger, and dissolution fail to solve the underlying problem, and why timing is critical as outmigration continues to accelerate. Learn more: https://www.cummings.law/redomestication/