Report: Massachusetts loses $4.18 billion in income as young workers leave

In this presentation, attorney and CPA Chad D. Cummings examines the dramatic outflow of wealth from Massachusetts following the enactment of the 4% "millionaires tax" surtax. According to IRS migration data analyzed by the Pioneer Institute, $4.18 billion in adjusted gross income left the state in a single year—more than the previous year despite fewer people departing. The outmigrants carried exceptionally high average incomes, with the largest losses coming from high-earning professionals and business owners in the 26–35 and pre-retirement age groups. Chad explains how this "millionaires tax" has raised the effective top rate to 9% on income over $1 million, adding $40,000 per year in state taxes on a $2 million pass-through business income stream. He breaks down why redomestication is the smartest and cleanest way for Massachusetts business owners to move their existing LLC, corporation, or partnership to a no-income-tax state like Florida or Texas without dissolving the company, without forming a new entity, without losing their FEIN, and without triggering federal taxes. Avoid the pitfalls of dissolution or foreign entity registration. If you're a Massachusetts business owner concerned about rising taxes and lost economic opportunity, this presentation shows you exactly how to protect your company and your income. Learn more: https://www.cummings.law/redomestication/