Minnesota Lawmakers Propose New Wealth Tax

Minnesota lawmakers are advancing a significant tax proposal that would establish a first‑of‑its‑kind, state‑level wealth tax beginning in tax year 2026. House File 4616 (HF4616), authored by Rep. Aisha Gomez, would impose an annual 1% tax on “taxable wealth” exceeding $10 million for individuals and certain trusts.... By: Lathrop GPM