State’s Tax Policies Seen Driving Away Thousands of Minnesotans

More than 3,000 Minnesotans with an estimated combined total of $2.1 billion in taxable income, $16.7 billion in average net worth and $31 billion in gross estate value left, or began leaving the state beginning in 2014, according to results from an independent study conducted by Twin Cities Business. Some 72 percent of these individuals did so because of the state’s taxes and tax collection policies, according to the 150 wealth management, accounting, legal, banking and other professional services firms that participated in the study. This indicates tax policy has led to the migration of an estimated combined total of $1.5 billio [...]

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