Under Minnesota tax law, if you spend more than 183 days in the state in a year and you have a home here, you’re a full-time resident of Minnesota, with all the tax implications that come with that rule.

Today, a divided Minnesota Supreme Court reversed a short-term victory to a wealthy Lake Minnetonka couple, who moved back to Minnesota in 2007 and were ordered to pay $650,789.38 in taxes as full-year residents under the law.
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Minnesota has one of the least regressive tax structures in the country, according to the Institute on Taxation and Economic Policy, which has released a study of individual state’s tax policies to determine whether middle- and lower-income residents are shouldering more of the burden.

For the record, Minnesota’s tax system isn’t fair. But neither is any other state’s, according to the research. Read more →

At a time when Minnesota is getting some criticism for its new gift tax, Forbes Magazine has good insight on how rich families stay rich families. It’s focusing on a dispute between the Pohlad family (owners of the Minnesota Twins) and the Internal Revenue Service over the estate of the late Carl Pohlad. Pohlad’s heirs Read more →