Following the passage of the Republican tax bill, the Montana Budget and Policy Center released the following statement:
“The tax plan passed yesterday by House and Senate Republicans is nothing more than an expensive giveaway to major corporations and super wealthy households that offers little or nothing to most families and ultimately hurts many. We are disappointed in Representative Gianforte and Senator Daines who voted for a tax plan that will increase the deficit, end health care for millions of Americans and raise premiums for many more, and stress our state’s resources. With significant federal cuts on the horizon, Montana families are at risk of losing even more because of increased pressure on Montana’s budget that will prompt further cuts to Medicare, social security, our public schools, and public safety.”
What we can expect from this tax bill in Montana:
The wealthiest get the biggest benefits
- The top 1 percent of taxpayers (with incomes over $552,260) will receive a total tax cut of $28 million in 2027.
- The average tax cut for the super wealthy in Montana will be $52,550 in 2019.
Low- and middle-income Montanans will see tax increases
- 18 percent of households earning under $115,020 (which is the bottom 80% of household incomes) will see a tax increase in 2027. That is 87,740 low- and middle-income working Montanans who will be paying more taxes in 2027.
The Child Tax Credit does not do enough for low-income working families
- A total of 31,000 kids in working families will receive $75 or less in an increase to the Child Tax Credit in 2018.
Health insurance will be far more expensive
- A family of four will see a $2,100 increase in individual market premiums for health insurance coverage.