"House Tax Chair Greg Davids, who describes Minnesota as an expensive place to die, supports raising Minnesota's estate tax exemption to match the federal tax code. Davids said he doesn't want people moving to other states to protect their assets.Thoughts?
"To me the estate tax is a very, very unfair tax," said Davids, R-Preston. "People have already paid taxes on this money. Now after they pass, the government comes and says, 'Okay you're dead, but we're going to get some more money from you.' That's just wrong. That's not Minnesota nice. A lot of states don't even have an estate tax."
Friday, April 24, 2015
MN Estate Tax Proposal
I know it is unlikely that the DFL and Dayton will bless this common sense change MPR MN Estate Tax I especially like this view.
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The great thing about the estate tax is that it is paid by dead people. Wouldn't it be great if all taxes worked that way?
--Hiram
Nothing could be more true than that the DFL will ignore common sense. But the estate tax in general ignores one of the greatest contributions to equality to come out of the American experiment-- the replacement of inheritance by the eldest son with equal inheritance by all the children. This naturally "dissipates" even great wealth in just a few generations. Adding an additional tax simply means that family businesses and family farms must disappear entirely rather than being preserved for the benefit of their children as the parents wished.
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