Friday, September 6, 2013
Minnesota has done itself a disservice by not only imposing the highest estate tax in the nation, but also creating a ten percent gift tax on gifts of money. Additionally, Minnesota continues to add taxes in the 2013 legislative session. The Wall Street Journal listed Minnesota at the top of states "where not to die." The article explained Minnesota's placement on the list, “The new (gift tax) is all the more punitive because it applies the 16 percent estate tax … to any gift within three years of death. This is essentially a clawback tax, or more taxation without respiration. Democratic Governor Mark Dayton, who signed the law, is the heir to a department store fortune and knows a lot about inheriting wealth but not much about creating it.” Research groups in Minnesota found that at least three billion dollars has been lost in income since 1995 after Minnesotans move to Arizona and Florida.
See Our View: Don't Die In Minnesota - It'll Cost Too Much, Duluth News Tribune, Aug. 29, 2013.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.