Report: Here's Where Wealth Is Moving In America + How Business Owners Can Transfer Their Companies

Attorney and CPA Chad D. Cummings analyzes the latest IRS migration data and the accelerating wealth shift to no-income-tax states in this presentation. In 2023, Florida gained $21 billion in adjusted gross income from interstate moves, more than the next five states combined, while California lost $12 billion, the largest outflow of any state. Over the four-year period from 2019 to 2023, Florida gained $137 billion and California lost $91 billion. The states gaining wealth are those with no individual income tax, while the states losing wealth are those with the highest rates and the highest costs of doing business. This presentation shows how redomestication allows business owners to transfer their company’s legal domicile to a new state without dissolving the entity, without creating a new company, and on a completely tax-free basis while preserving the same FEIN, contracts, credit history, and bank accounts. If you own a business in a state losing income and population, the IRS data confirm the direction and the urgency. Learn more: https://www.cummings.law/redomestication/