Center on Budget and Policy Priorities

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Report: Tax revenue losses nearing $1 billion in Montana

revenue losses

Revenue losses from Montana tax cuts passed in 2003 are approaching $1 billion, a new report says. “The Montana We Could Be: Tax Cuts, Aimed at the Rich, Take a Toll,” a report by the nonprofit Montana Budget and Policy Center in Helena, estimates that the tax cuts will have cost $976 million by the end of 2016. That’s enough to pay the deferred maintenance costs for all of the school districts in the state, the report says. The tax cuts, which took effect in 2005, reduced the number of tax brackets from 10 to six and cut the top income tax rate in Montana from 11 percent to 6.9 percent. The legislation also, among other changes, gave a 2 percent tax credit on capital gains. Continue Reading →

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David Crisp: Less than meets the eye in Gianforte tax plan

Crisp

Republican gubernatorial candidate Greg Gianforte has unveiled his “406 tax relief” plan, and it’s so predictable it should be sold at Wal-Mart for a dollar a yard. The “4” in the plan stands for the number of years over which he would phase out the business equipment tax, which despite numerous reductions in recent legislative sessions still brings in about $81 million a year. This shortfall would have to be made up by local governments and schools, so it isn’t clear that this provision would help anybody other than large-company bookkeepers who have to fill out the paperwork. (more…) Continue Reading →

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