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House lawmakers weigh proposed 'wealth tax' on assets over $10 million

By Rob Hubbard
Rep. Aisha Gomez presents HF4616 to the House Taxes Committee April 7. The bill would establish a 1% percent tax on all taxable wealth of individuals and trusts that exceeds $10 million. (Photo by Andrew VonBank)
Rep. Aisha Gomez presents HF4616 to the House Taxes Committee April 7. The bill would establish a 1% percent tax on all taxable wealth of individuals and trusts that exceeds $10 million. (Photo by Andrew VonBank)

Shoring up the state’s finances by raising taxes on the wealthiest among us is an idea whose time has come and gone and come again.

Both the federal and state governments have gone through periods during which tax rates rose for those with the highest incomes. But Rep. Aisha Gomez (DFL-Mpls) believes that measurements of “wealth” have changed enough that the state should take a different approach.

So the “wealth tax” she proposes in HF4616 moves beyond taxing according to income level and establishes a 1% tax on all “taxable wealth” over $10 million.

In this case, “taxable wealth” would be the sum of a taxpayer’s real or personal, tangible or intangible property based in Minnesota, minus the sum of all debts and financial obligations owed by the taxpayer. The value of property would be calculated in the same manner as for the federal estate tax.
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