Trump tax plan no middle-class miracle for Montana

[TexasTowelie]

The wealthiest 1 percent of Montana households earning $535,000 or more would receive nearly $69,000 in tax savings each year under the tax reform plan released this month by the Trump administration, according to the Institute on Taxation and Economic Policy.

In contrast, the institute found, middle-income households earning $60,000 or less would see an average tax cut of $190, leading the Montana Budget and Policy Center to pan the proposal as a massive giveaway to the wealthiest earners.

“The resulting increase in deficits and debt would increase the pressure for cuts in investments across the country that produce long-term economic benefits,” the state center said. “Average Montana families and communities across the state ultimately stand to lose far more from federal cuts than we would gain from tax cuts outlined in the this new tax framework.”

Under the president’s proposal, the Institute on Taxation and Economic Policy found that Americans with incomes of at least $599,000 would receive 61.4 percent of the tax cuts. Those earning $40,000 to $66,000 would receive just 6.2 percent of the cuts next year.

Read more: https://missoulacurrent.com/government/2017/10/trump-tax-plan/

[riversedge]

1. "earning $60,000 or less would see an average tax cut of $190""$535,000 or more would receive nearly

$535,000 or more would receive nearly $69,000