Tax Foundation: Americans Are Moving to States with Lower Taxes and Sound Tax Structures

In this presentation, attorney and CPA Chad D. Cummings analyzes the latest IRS migration data for 2022–2023, which shows a continued and accelerating flight of wealth and talent from high-tax states. Florida gained a net $20.6 billion in adjusted gross income, Texas gained $5.5 billion, while California lost $11.9 billion, New York lost $9.9 billion, and Illinois lost $6 billion. The people leaving high-tax states are disproportionately high earners and business owners, taking substantial income and economic activity with them. Chad explains why this trend is unlikely to reverse and how business owners can protect themselves by moving their companies as well. He details why redomestication is the cleanest, most tax-efficient way to transfer your existing LLC, corporation, or partnership to a low-tax state like Florida or Texas—without dissolving the company, without forming a new entity, without losing your FEIN, and without triggering federal taxes. If you own a business in a high-tax state and want to stop funding policies that drive people and capital away, this presentation gives you the data and the practical solution. Learn more: https://www.cummings.law/redomestication/