Using data from Travis H. Brown, National Review’s Kevin D. Williamson explains to readers that Florida’s “lack of a personal income tax is attractive, and so is its lack of an estate tax. By way of contrast, Minnesota imposes a significant estate tax, one that is more rapacious than the federal levy: Whereas the federal tax excludes $5.25 million per person, Minnesota excludes only $1 million.” Mr. Williamson continues with a list of what not to do for states. Number 2 on the list of things not to do is Attack Lifetime Savings.
Retiree Tax Map by Kiplinger2. Attack lifetime savings. Florida is a good place to live and a great place to die. Its lack of a personal income tax is attractive, and so is its lack of an estate tax. By way of contrast, Minnesota imposes a significant estate tax, one that is more rapacious than the federal levy: Whereas the federal tax excludes $5.25 million per person, Minnesota excludes only $1 million. And if you try to give away some of your assets before you kick off, Minnesota imposes its own gift tax, too, at 10 percent. Minnesota lost nearly $4 billion in AGI from 1992, with the largest amounts going to Florida, Arizona, Wisconsin (which recently eliminated its estate tax), Texas, and Colorado.
