Most Of Benefits Go To Ultra-Rich

 

Institute For Taxation And Economic Policy Study Said Most Of The Tax Breaks Would Go To Richest One Percent Of Americans. According to the Sidney Herald, “Heather O'Loughlin, MBPC co-director, refers to an Institute for Taxation and Economic Policy study that suggest the majority of the tax breaks will go to the richest one percent of Americans, that is people earning $500,000 a year or more. The average tax cuts for that group would be $69,000 a year, O'Loughlin said. Tax reform would do more good if that money was distributed to the middle and lower income classes so that more people had a larger tax break to spend on whatever they wish. The current savings being discussed wouldn't provide a significant amount of savings, she said.” [Sidney Herald, 10/11/17]

 

Montana’s Wealthiest Taxpayers Would Receive Nearly Half Of The Pot Of Federal Tax Breaks. According to the Missoulian, “A House tax reform bill already passed would offer deeper cuts to Montana taxpayers. State revenue officials estimate Montana filers collectively would see a $951 million cut in federal income taxes. The wealthiest 3.4 percent of Montanans would receive $410 million of the House cuts.” [Missoulian, 11/29/17]

 

Ed Caplis Of The Montana Department Of Revenue: “The Top 10 Gets More Than Half The Tax Cut.” According to the Missoulian, “‘The top 10 gets more than half the tax cut,’ said Ed Caplis of the Montana Department of Revenue. Benefits offered to the top 10 percent would be permanent. Tax cuts offered to Montanans earning $100,000 or less would expire after a few years, unless lawmakers voted to renew them.” [Missoulian, 11/29/17]

 

Raises Taxes On Working Class Montanans

 

CBO Report Said People Making Between $10,000 And $30,000 A Year Would See Tax Increases Beginning In 2021. According to the Missoulian, “The CBO also found that people making $10,000 to $30,000 a year would see tax increases beginning in 2021. Tax increases would follow in 2023 for people making less than $10,000 a year. People in other income brackets would see decreases, though a Senate version would increase taxes on people making less than $75,000 starting in 2027.” [Missoulian, 11/17/17]

 

Economics Professor Said Some Provisions Of The Bills Would Change The Price Index, Pushing Lower- And Middle-Income People Into A Higher Tax Bracket. According to the Missoulian, “Some provisions of the bills would change the price index, pushing lower- and middle-income people into a higher tax bracket, according to a note from economics professor Amanda Dawsey, read by Erickson.” [Missoulian, 12/11/17]

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Missoula Tax Panelist: “If Your Family Earns Under $200,000, You Will Receive A Tax Increase.” According to the Missoulian, “There are some small initial benefits to lower earners, Erickson said, but starting in 2020, those go away. ‘If your family earns under $200,000, you will receive a tax increase,’ she said. In context, the median salary in Montana is $45,000, Erickson added, meaning a huge part of the Montana population falls in the sub-$200,000 range.” [Missoulian, 12/11/17]

 

Raise Taxes On Small Businesses And Non-Profits

 

Owner Of Downtown Dance Collective Said Taxes On Small Business Would Rise, While Rates For Major Corporations Would Be Lowered. According to the Missoulian, “Heather Adams, the owner of the Downtown Dance Collective where Monday's talk was held, outlined how the tax bill will affect small businesses, a backbone of the Missoula economy, making up almost all of downtown. Taxes on small businesses would rise, threatening locals who already operate with razor-thin margins, while lowering for major corporations. ‘If middle-class wage growth is the plan, then give the middle class the bulk of the cuts and let the benefits trickle up,’ Adams said.” [Missoulian, 12/11/17]

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Director Of Missoula Community Foundation Said Tax Bill Would Hobble Nonprofits, A Large Source Of Montana’s Economic Growth. According to the Missoulian, “Meredith Printz, the executive director of the Missoula Community Foundation, said the tax bill threatens to hobble nonprofits, also a large source of Montana’s economic growth. More than 10 percent of the state’s workforce is employed by nonprofits, Printz said, and the incentive reductions in the tax bill could mean hundreds of thousands of jobs and more than $1 trillion lost from the national nonprofit sector.” [Missoulian, 12/11/17]

 

Blows Up Montana State Budget

 

Lawyer And Former Legislator Said The Tax Bill Would Worsen Montana’s Budget Crisis, Which Would Likely Mean State Property Tax Increases To Make Up About $123 Million In Projected Losses. According to the Missoulian, “The panel, which included local business owners, economics professors and tax attorneys, covered the bill’s effects on Montanans’ rising taxes, access to a high-quality college education, affordable health care, ability to run small businesses and nonprofits, and national security. Starting on the state level, the tax bill would worsen Montana’s budget crisis, which would likely mean state property tax increases to make up about $123 million in projected losses, said attorney and former legislator Andrew Person.” [Missoulian, 12/11/17]

 

Cuts To Medicare, Medicaid, And Social Security

 

CBO Report Said $25 Billion In Medicare Cuts Would Be Required To Pay For Tax Breaks. According to the Missoulian, “Several of the Democratic House candidates zeroed in on a Congressional Budget Office report that $25 billion in Medicare cuts would be required next year to pay for the tax breaks. The spending cut stems from a 2010 ‘pay-go’ law requiring Congress to cut government at the same level that revenue is trimmed. The Medicare cuts are part of the equation. All told, $136 billion in government spending would have to be cut in 2018 to accommodate the tax reduction, the CBO concluded.” [Missoulian, 11/17/17]

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Private Practice Psychotherapist Said Tax Bill Would Lead To Cuts To Medicare, Medicaid, And Social Security. According to the Missoulian, “‘It’s just the wrong way to go about setting economic policy and it’s dangerous,’ private practice psychotherapist Alison Cobb said. [...] The bill will also lead to Medicaid, Medicare and Social Security cuts, eliminate deductible medical expenses and raise the cost of insurance, Cobb said.” [Missoulian, 12/11/17]