Wealth Tax Author Admits: Not a One-Time Tax

Attorney and CPA Chad D. Cummings exposes California’s push for a recurring wealth tax on high-net-worth individuals and business owners. The principal author has openly stated the tax is not a one-time event and that if residents leave in response, “so be it.” While 23 other states have cut their top income tax rates since 2020 and Florida and Texas impose zero state income tax, California continues moving in the opposite direction by targeting accumulated wealth, not just income. For pass-through business owners, this means their company value itself could become part of the taxable base year after year. This presentation explains why redomestication is the strategic solution, allowing you to legally move your company’s domicile to Florida or Texas without creating a new entity, without dissolution, and on a completely tax-free basis while preserving your FEIN, contracts, credit history, and bank accounts. If you own a business in California and want to protect your wealth before the tax environment gets even worse, this could be one of the most important decisions you make. Learn more: https://www.cummings.law/redomestication/