Report: Here's Where Wealth Is Moving In America + How Business Owners Can Transfer Their Companies

Report: Here's Where Wealth Is Moving In America + How Business Owners Can Transfer Their Companies

Attorney and CPA Chad D. Cummings analyzes the latest IRS migration data and the accelerating wealth shift to no-income-tax states in this presentation. In 2023, Florida gained $21 billion in adjusted gross income from interstate moves, more than the next five states combined, while California lost $12 billion, the largest outflow of any state. Over the four-year period from 2019 to 2023, Florida gained $137 billion and California lost $91 billion. The states gaining wealth are those with no individual income tax, while the states losing wealth are those with the highest rates and the highest costs of doing business. This presentation shows how redomestication allows business owners to transfer their company’s legal domicile [https://www.cummings.law/redomestication/] 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 losing income and population, the IRS data confirm the direction and the urgency. Learn more: https://www.cummings.law/redomestication/ [https://www.cummings.law/redomestication/]

Another billionaire leaves Washington: how business owners are taking their companies with them

Attorney and CPA Chad D. Cummings examines the latest high-profile relocation from Washington to Florida in this presentation. Gabe Newell, the co-founder and CEO of Valve, purchased a $70.8 million waterfront estate in Manalapan, Florida, joining Jeff Bezos, Howard Schultz, and other Washington billionaires who have already left the state. Washington ranks 45th on the Tax Foundation’s 2026 State Tax Competitiveness Index after imposing a 9.9 percent capital gains tax and raising its estate tax to the highest rate in the country at 35 percent. Florida imposes no state personal income tax, no capital gains tax, and no estate tax. This presentation shows how redomestication allows business owners to transfer their company out of Washington [https://www.cummings.law/redomestication/move-business-out-of-washington/] 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 Washington, the pattern of departures and the state's response make the decision clear. Learn more: https://www.cummings.law/redomestication/move-business-out-of-washington/ [https://www.cummings.law/redomestication/move-business-out-of-washington/]

How business owners are transferring their companies out of California [step-by-step]

Attorney and and CPA Chad D. Cummings examines Texas’s historic overtaking of California in Fortune 500 headquarters in this presentation. For the first time, Texas leads California 57 to 56 on the 2026 Fortune 500 list, a reversal driven by companies including ExxonMobil, Chevron, Samsung Electronics America, SpaceX, and X relocating their headquarters or legal incorporation to Texas. Texas corporations now generate more revenue as well, and the gap is expected to widen as California’s high-tax environment and proposed wealth tax continue to drive capital and talent out of the state. California ranks 48th on the Tax Foundation’s 2026 State Tax Competitiveness Index with a 13.3 percent top individual income tax rate, while Texas ranks 7th and imposes no individual income tax. This presentation shows how redomestication allows business owners to transfer their company’s legal domicile out of California [https://www.cummings.law/redomestication/move-business-out-of-california/] 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 still domiciled in California or another high-tax state, the direction of headquarters migration is clear. Learn more: https://www.cummings.law/redomestication/move-business-out-of-california/ [https://www.cummings.law/redomestication/move-business-out-of-california/]

Transferring a company (LLC or corporation) out of Illinois [step-by-step]

Attorney and CPA Chad D. Cummings examines the Chicago Bears’ decision to leave Illinois after 106 years in this presentation. The franchise’s Board of Directors voted to pursue a new stadium in Hammond, Indiana, after years of failed negotiations with Illinois over public funding, while Indiana passed a funding bill in less than 60 days. Illinois ranks 38th on the Tax Foundation’s 2026 State Tax Competitiveness Index with the third-highest corporate tax rate in the country, the highest property taxes in the nation, a pension system funded at only 52 percent, and a proposed constitutional surtax that would raise the top individual rate to 7.95 percent. Indiana ranks 10th with significantly lower rates and a more competitive environment. This presentation shows how the same competitive dynamics driving the Bears, Samsung, Dell, ExxonMobil, and Tesla out of high-tax states apply to every business owner, and how redomestication allows Illinois companies to transfer to another state [https://www.cummings.law/redomestication/move-business-out-of-illinois/] 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 the Bears could not justify remaining in Illinois, the question for every other Illinois business owner is what is keeping you. Learn more: https://www.cummings.law/redomestication/move-business-out-of-illinois/ [https://www.cummings.law/redomestication/move-business-out-of-illinois/]

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 [https://www.cummings.law/redomestication/] 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/ [https://www.cummings.law/redomestication/]