Wealth Taxes: How to Move Your Company to a New State... and Hopefully Avoid Them!

Attorney and CPA Chad D. Cummings examines the nationwide push for state wealth taxes and the clear lessons from Europe in this presentation. Tax Foundation president and CEO Daniel Bunn’s recent op-ed in The Hill surveys the growing movement across California, Washington, Rhode Island, Virginia, Michigan, and other states, concluding that these taxes will fail for the same reasons they failed abroad. Of the twelve OECD countries that imposed wealth taxes in 1996, nine have repealed them after capital flight, administrative complexity, and far lower revenue than projected. This presentation explains why the behavioral response at the state level will be even faster, how California’s Proposition 40 and similar measures already signal expanding thresholds and permanent taxation, and 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 pursuing these measures, the window to act is before they pass. Learn more: https://www.cummings.law/redomestication/