Minnesota millionaires just don't stay here

Millionaire.jpg
Where have all the millionaires gone?
Our embarrassingly long budget standoff turned up an interesting fact: being a millionaire is apparently a high risk factor for leaving Minnesota.

In the heat of the budget debate, DFL-ers often threw around the fact that of the 7,700 Minnesotans millionaires--defined as people making at least a cool $1,000,000 each year--half don't live here. MPR fact-checked the claim, and it turns out it's true.

What's up with all those rich people leaving?

For 2011, only about 3,900 tax returns are expected from full-time Minnesota millionaires, MPR reports. The remaining 3,800 of these wealthy Minnesotans live out of state part-time or have moved away entirely. They may have businesses that make a profit here--but they've escaped to somewhere else and will file as out-of-staters. Where's their Minnesota pride?

Admittedly, this particular definition of millionaire is pretty narrow. We don't know exactly how many real Minnesota millionaires--people who have a million in their various bank accounts--there are, because obviously we can't see people's bank accounts.

But these million-a-year income-earners matter because they were the people Gov. Mark Dayton talked about taxing at a higher rate to help fill the budget hole. In the end, he didn't get his wish.

Still, we wish these folks would stick around and pay more taxes.


My Voice Nation Help
8 comments
hayek1
hayek1

Duh! Some even move out of the country just because of taxes.  I know I would.

amiller92
amiller92

Yeah, people with money leave because of taxes and not because of weather.  Sure.

As to athletes, most of them didn't live here before they started working here, so why should we be surprised that they don't live here when they aren't working?  Also, they pay Minnesota taxes on what they earn in Minnesota, and taxes in the states they work in on the road, which would be the case regardless of whether they live.

Ianthomasadams
Ianthomasadams

That's why increasing taxes on the richest and most mobile individuals is silly.

Kirk the Conservative Jerk
Kirk the Conservative Jerk

Well Duh!

Look at almost all Minnesota sports figures.Most claim residency in states like Florida with no state income tax.Funny how the media NEVER attacks sports figures for "evading taxes", when this is clearly the intention.Most Minnesota Twins Players agree,  "Minnesota taxes suck!"  Therefore most claim residency in a lower tax state.  

Per the Communism pecking order of importance-1.   Government  (always to grow is size and strength)2.   Government employees  (classify them as one of us - "middle class")3.   Entertainers (movie stars/sports figures)4.   Media  (will push for the others listed above) 5.   Not you and I6.   Not you and I..and way down at #127,753  - You and I

WhoisCeelo
WhoisCeelo

That's the dumbest comment, we have some of the lowest taxes in the world for a modernized country. Nearly every other country with our sophistication taxes the sh*t of their constituents.  You clearly want to live in Pakistan then.

amiller92
amiller92

And where would you go?  Overall (local, state and federal) taxes are much lower in this country than almost everywhere in the developed world.  

And I don't think we are seeing mass rich-people migration to Australia.

Michelle Bachmann
Michelle Bachmann

Yeah poor people should pay 100% of the taxes because rich people can move.    This is clear headed and logical thinking. 

vitajex
vitajex

Well, it's good to see you understand communism just as poorly as you do every other system of government.  I bet Karl Marx is spinning in his grave right now knowing that you "totally schooled him"!

By the way, communism and socialism are not the same thing.  Please stick to the talking points outlined in your FoxNews for Kids weekly e-newsletter.

Now Trending

Minnesota Concert Tickets

From the Vault

 

Loading...