Estate Taxes

Estate Tax Policy Details
United for Jobs Estate Tax Policy Details
connect_icon“Many successful individuals continue to leave Minnesota. “Wealth flight” is driven not only the high individual income-tax rates – which affects privately-owned, pass-through businesses – but also the Minnesota estate tax. Common-sense solutions include Minnesota adopting the federal exemption amounts. Bold moves would exclude privately held businesses from the Minnesota estate tax altogether. These businesses are often major employers and contributors to the local tax base, and are likely significant civic contributors in many communities, particularly in Greater Minnesota. Why encumber these businesses unnecessarily with a tax burden that could threaten their existence? The limited one-time tax revenue to Minnesota from the estate tax surely would not replace the loss of these employers and “go to” civic contributors.” – Bill Horn, partner, McGladrey

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