(At the governor’s office)
Nameless Assistant: Good morning Governor Dayton.
Governor Dayton: (mumbles something unintelligible)
Nameless Assistant: Indeed sir. Did you hear the news? You made the Wall Street Journal again today.
Governor Dayton: (mumbles something unintelligible)
Nameless Assistant: Oh, really sir? You haven’t seen it yet? Do you want me to read it to you?
Governor Dayton: (mumbles something unintelligible)
Nameless Assistant: Of course sir. Stop me if I’m going too fast or you don’t understand something.
(The Nameless Assistant picks up the paper and begins to read)
The grand prize for self-abuse goes to Minnesota, which this year enacted a new 10% gift tax with a $1 million exemption. A gift tax is a levy on money given away while still alive. This tax is in addition to Minnesota's 16% estate tax. The new law is all the more punitive because it applies the 16% estate tax (6% on top of the earlier 10% gift tax) to any gift within three years of death.
This is essentially a clawback tax, or more taxation without respiration. Democratic Governor Mark Dayton, who signed the law, is the heir to a department store fortune and knows a lot about inheriting wealth but not much about creating it.
Nameless Assistant: Well, like they say “any pub is good pub,” right Governor Dayton?
Governor Dayton: (mumbles something unintelligible)
Nameless Assistant: You don’t remember that law? (Sigh) Not again.
Governor Dayton: (mumbles something unintelligible)
Nameless Assistant: So noted sir. Next session I’ll be sure to remind you to read the bills before you sign them.
