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Dear Friends and Neighbors,
My email sent earlier this morning had a typo in the capital gains tax section. Please find correct information below on the changes to the capital gains tax in the Governor's budget proposal:
Capital Gains Tax: Adds a surcharge to long-term capital gains (held over 1 year) and qualified dividends of individuals, trusts, and estates:
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1.5% on capital gains/dividend income between $500,000 - $1 million.
- 4% on capital gains/dividend income over $1 million.
- This will affect 7,000 households, whose average tax increase will be $30,000 per return.
- It will increase state revenue by $486.1 million in FY 22-23.
Have a great rest of your weekend!
Kristin
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225 State Office Building
100 Rev. Dr. Martin Luther King Jr. Blvd.
Saint Paul, MN 55155
ph: 651.296.7806 |
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