Little-debated Minnesota gift tax kic...

Little-debated Minnesota gift tax kicks in July 1

There are 2 comments on the St. Cloud Times story from Jun 29, 2013, titled Little-debated Minnesota gift tax kicks in July 1. In it, St. Cloud Times reports that:

A state gift tax, set to take effect Monday, makes Minnesota only the second state in the country to tax large gifts between residents.

Join the discussion below, or Read more at St. Cloud Times.

goose

La Grange, IL

#1 Jun 29, 2013
Thank you very much Democrats! NOT!!!!
Bushwhacker

Seattle, WA

#2 Jun 29, 2013
But large means $1 million or more over a lifetime, meaning most Minnesotans won’t be affected by it.

Those that are affected will find will find themselves being charged for transferring things such as lake homes, boats and family businesses to relatives.

The tax was part of the omnibus tax bill the state Legislature approved during its 2013 session.

“It definitely doesn’t apply to the majority of people in the state,” said Cameron Seybolt, an estate lawyer with Minneapolis-based Fredrikson & Byron.“If you’re never going to give away more than $1 million in your entire life, then you probably don’t care about this tax.”

Poor rich folks.... LMAOROFU~!

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Minnesota Discussions

Title Updated Last By Comments
News Democratic senator apologizes for making some w... 2 hr Geezer 2
News Woman Fatally Shot In Cass County; Man Arrested Nov 14 Jesus Latter Day ... 2
News As transgender candidates make history in Minne... Nov 10 Ex Senator Stillb... 1
News Health insurers seek higher rates for Minnesota... Nov 3 AG Go Get These C... 3
News 2 South Dakota Football Players Charged With Rape Nov 1 Pardon Pard 2
News Is Minnesota's welfare system a magnet -- or ju... (May '09) Oct 27 rider 279
News Minnesota Lottery to offer online 'scratch-off'... (Mar '14) Oct '17 Health Stock failure 19
More from around the web