Minnesota has done itself adisservice by not only imposing the highest estate tax in the nation, but alsocreating a ten percent gift tax on gifts of money. Additionally, Minnesotacontinues to add taxes in the 2013 legislative session. The Wall Street Journallisted Minnesota at the top of states “where not to die.” The articleexplained Minnesota’s placement on the list, “The new (gift tax) is all the morepunitive because it applies the 16 percent estate tax … to any gift withinthree years of death. This is essentially a clawback tax, or more taxationwithout respiration. Democratic Governor Mark Dayton, who signed the law, isthe heir to a department store fortune and knows a lot about inheriting wealthbut not much about creating it.” Research groups in Minnesota found that atleast three billion dollars has been lost in income since 1995 afterMinnesotans 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.
