It is not too late for Montana to chart a new course to improve child well-being. This work starts with sound tax policies that ensure a fair tax system that generates sufficient revenue to support programs and services to improve the lives of children.
The legislative session will soon be over, and it is time to reflect on the policy wins and losses specific to our work on state tax policy. While revenue projections for the biennium did not come in significantly lower than projected, Montana has struggled through two difficult budget cycles, rounds of deep cuts to health and social services, and insufficient revenue to restore funds.
This report outlines how Montana’s tax affects different households based on how much income they make. An analysis of Montana’s state and local taxes reveals that low-income Montanans pay higher taxes rates than those with higher incomes.
As we head into another tax filing season, it’s a great time to remind folks of the important investment the federal earned income tax credit (EITC) has been in helping working Montana families make ends meet. This Friday, January 26th, marks the 11th annual EITC Awareness Day, when local officials and community partners will raise awareness on the importance of the EITC for families. Eligibility for the EITC is based on income levels and family size.
President Trump and GOP leadership in Congress got their Christmas wish to have the final tax legislation passed and signed before the holiday break.
But the changes to our tax code, threat to health coverage, and the risk to other safety net programs as a result of this bill were not on the vast majority of Americans’ wish lists.
The final legislative text of the federal tax bill was released Friday, December 15th. The U.S. House and Senate both passed this bill on Tuesday, December 19th, with the House voting again on Wednesday, December 20th to fix procedural errors. It is headed to President Trump’s desk before the end of the week.
All in all, it is nothing more than an expensive giveaway to major corporations and wealthy households that offers little or nothing to most families and ultimately hurts many.
Meeting behind closed doors, the U.S. Senate and House conference committee reached agreement last week on the final GOP bill to massively overhaul the nation’s tax system.
We anticipate that the House and Senate will vote on the final GOP tax plan early next week. While this proposal is first and foremost a give-away to the super wealthy and corporations, it’s important to remember that it is also a direct attack on the health care coverage of Montanans.
We briefly explained in an earlier post about why the Senate tax bill would hurt Montanans with health care needs.
As the U.S. Senate & House conferees are crafting the final GOP tax plan behind closed doors in conference committee, we already have a strong sense of who wins and who loses under this bill.
As Congress reconciles the differences between the House- and Senate-passed versions of their tax bills this week, here is our next installment of combing through the details of this terrible tax bill.
Both chambers’ tax plans provide large tax cuts to the wealthy and corporations, raise taxes for many low- and moderate-income people, boost the number of uninsured Americans by millions, and expand deficits.
But did you know that the federal tax proposal would also shoot a hole through our Montana state budget?