Uh-Oh: First $1 Billion, Now $50 Million. Wealth Tax "Must Not Stop At Billionaires" [CA Wealth Tax]

Attorney and CPA Chad D. Cummings discusses the rapid expansion of wealth tax proposals targeting California business owners in this presentation. What began as a ballot measure marketed as a five percent tax on billionaires has already broadened, with federal proposals now aiming at net worth above fifty million dollars and a 40 percent exit tax for those who leave. California’s aggressive residency audits through the Franchise Tax Board, combined with the pattern seen in other jurisdictions where thresholds creep lower over time, make the risk immediate. Florida and Texas impose no state personal income tax and no wealth tax. This presentation explains 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 California, the direction of these proposals makes clear why now is the time to act. Learn more: https://www.cummings.law/redomestication/