Minnesota gift tax kicks in Monday

pioneer press ^ | 6-28-13 | nick woltman

[TurboZamboni]

While states such as Indiana and Tennessee recently have eliminated wealth-transfer taxes, Minnesota is doubling down.

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

But large means $1 million or more over a lifetime, meaning most Minnesotans won't be affected by it.

Those who are affected will find themselves charged for giving relatives such gifts as lake homes, boats and family businesses.

The tax was part of the omnibus tax bill the Legislature approved this year.

[TurboZamboni]

"Loophole": To leftists, any provision of the tax code that fails to claim money earned, inherited, saved, or otherwise pocketed by known taxpayers.

[unixfox]

I expect a few wealthy people to leave Minnesoooota.

[jsanders2001]

Its a “gift” tax for Minnesota taxing authorities; no telling into whose pockets it will and up. I’ll lay my bets on politicians and their cronies. Money for nothing...

Now look at them yo-yo’s that’s the way you do it
You play the guitar on the MTV
That ain’t workin’ that’s the way you do it
Money for nothin’ and chicks for free
Now that ain’t workin’ that’s the way you do it
Lemme tell ya them guys ain’t dumb
Maybe get a blister on your little finger
Maybe get a blister on your thumb

We gotta install microwave ovens
Custom kitchen deliveries
We gotta move these refrigerators
We gotta move these color TV’s

See the little faggot with the earring and the make-up
Yeah buddy that’s his own hair
That little faggot got his own jet airplane
That little faggot he’s a millionaire

We gotta install microwave ovens
Custom kitchen deliveries
We gotta move these refrigerators
We gotta move these color TV’s

I shoulda’ learned to play the guitar
I shoulda’ learned to play them drums
Look at that mama, she got it stickin’ in the camera
Man we could have some fun
And he’s up there, what’s that ? Hawaiian noises ?
Bangin’ on the bongos like a chimpanzee
That ain’t workin’ that’s the way you do it
Get your money for nothin’ get your chicks for free

We gotta install ovens
Custom kitchen deliveries
We gotta move these refrigerators
We gotta move these color TV’s, Lord

Now that ain’t workin’ that’s the way you do it
You play the guitar on the MTV
That ain’t workin’ that’s the way you do it
Money for nothin’ get your chicks for free
Money for nothin’ get chicks for free

[TurboZamboni]

Because to ‘rats, the financial health of the state is more important than the financial health of its citizens.
·

[Gen.Blather]

“I expect a few wealthy people to leave Minnesoooota.”

Probably not. They’ll simply do the Clinton and Kennedy thing and create non-profit entities to take possession of the boats, houses and businesses they wish to pass on to relatives.

What will happen, though, is the new tax won’t produce what they thought it would. They will, therefore, lower the amount so that it affects average people who can’t benefit from forming artificial entities. (That is what ALWAYS happens with taxes.)

[catfish1957]

Minnestupid is trying to kill the endowment business there. Do they realize how many people benefit from these?

[SeeSharp]

The non-profit trick doesn’t work as well as it did when Rockefeller, Ford, Carnegie, et al used it. The Johnson administration got a bill passed requiring all private non-profit organizations to practice fund accounting in order to maintain their tax exempt status. Then the the Reagan administration asked for and got a bill to tax unpaid loans - which is how rich folk used to spend money out of their foundations.

[Gen.Blather]

“Then the the Reagan administration asked for and got a bill to tax unpaid loans - which is how rich folk used to spend money out of their foundations.”

Say a dad loaned his kids money. That loan isn’t recorded anywhere except in a private instrument. The dad is now dead. There is no record the money ever existed. No inheritance tax, no unpaid loan tax...

[SeeSharp]

Right. It wasn’t aimed at real loans anyway. It was aimed at rich people who avoided taxes by setting up tax exempt foundations, then borrowing from the foundation whenever they wanted some cash.

[mj1234]

Mark Dayton -(the demon crazy governor)

Makes over $700K a year!! from his parents “Trust”

poor little rich boy- Minnesota has the dumbest electorate
because... the few papers in this state are controlled
by the unions and they only print Democratic propaganda-

the latest... the rich should pay their fair share—
No dissent- EVERY farmer in MINNESOTA just got screwed!
it will be tough maybe impossible for a family farm to be run
with this new tax in place—

[E. Pluribus Unum]

This is Plank #3 of the Communist Manifesto, but don't you DARE call them Communists.

The Ten Planks of Karl Marx's Communist Manifesto
(and How Statists Implement Them)

1. Abolition of private property rights (via high property taxes, restrictive zoning laws, "fair housing" edicts, environmental and "wetlands" regulations, UN Agenda 21, etc.)

2. Institution of a heavily graduated income tax (by calling it "taxing the rich")

3. Abolition of all rights of inheritance (through a confiscatory estate tax on "the rich")

4. Confiscation of the property of enemies of the state (through lawless application of asset forfeiture and eminent domain)

5. Centralization of credit into the hands of the state (Federal Reserve, Federal Trade Commission, TARP, Fannie Mae, Freddie Mac, federal takeover of student loans, etc.)

6. Centralization of the means of communication and transportation into the hands of the state (FCC, DOT, FEMA, NTSB, FAA, etc.).

7. Consolidation and subjugation of all major industries to central government control (FDA, EPA, OSHA, ICC, HUD, NLRB, EEOC, DOE, TSA etc.)

8. Mandatory labor union membership ("card check" to bypass employee consent, automatic withholding of union dues, forced unionization of health care workers, teachers, police, firefighters, etc.)

9. Equitable redistribution of all wealth (TANF, SSI, EITC, SNAP, Community Reinvestment Act, etc.)

10. Free public education (and food, housing, health care, cell phones, Internet access, etc.)

[JDoutrider]

On a side note, MN smokers will have to pony up another $16 a carton starting today, 7/01/13.

[Standing Wolf]

On a side note, MN smokers will have to pony up another $16 a carton starting today, 7/01/13.

Sounds like quite an opportunity for black market operators.

The Minnesota state government's motto is, "Gimme, gimme, gimme!"