Tax cuts passed by 2021 Montana Legislature: Who really benefits?

Tax cuts passed by 2021 Montana Legislature: Who really benefits?

Tax cuts enacted by the 2021 Montana Legislature will total $50 million to $60 million a year, once fully in place – but the direct benefits vary wildly, from taxpayer to taxpayer, and won’t be felt by all.

Majority Republicans and Gmade it clear from the getthey did.

It's coming in tin 2022, the top rate on iabout $19,000 drops from 6then starting in 2020 forgets an overhaul.

Montana'brackets will be collapsedrates at 4.7% and 6.5%.

Ouand more than a dozen taxSo what's it all mean in timpact on individual taxpaa look under the top ratein 2022.

About 200,000 houand the vast majority of tin less than $45,000 a yeaof households, those earnia year.

The average reduct$25.

And the top 10% of eamore than 148,000 get wellcuts.

Total reduction with$357 each.

But the changeshave a much more diverse e55,000 to 93,000 Montana hincomes won't have to follbecause of a new, higher sAccording to a revenue dep58% of all households willtax decrease, 28% will seealso exist across all incoexample, among the top 10%half we'll see a decrease,taxes.

And for the middlehouseholds earning in theaveraging about 100 buckssee tax increases.

RepubliGreg hurts of Polson sponstax cut bills.

He says thein 2022 is a stepping stonwhich he believes is a faifor everyone.

The low to mwill see a advantage of notaxes on some of their firearn and when it comes toupper income to, they willdeductions, like the federwill be paying a little biAlso says the lower top inMontana more attractive towith other states to attrajobs in the state and thatdemocrats who oppose the ithe tax competition argumeyou consider that Montanawe don't have that.

So webasically provide qualityof Montana Cohen, our theminority leader, also saysthe income tax cuts or chaMontana's wealthier taxpayprocesses were going to gito the highest, uh, incomeof Montana, and that's goithrough the economy.

Uh, wdoes not work.

Lawmakers aof bills that will cut pro