Federal tax cuts will cost Montana 70 million
Posted by MilesCity.com Webmaster (+10023) 5 years ago
Billings Gazette (Dec 24) wrote:
Federal tax cuts passed into law this week are likely to cut into Montana state revenue by $70 million a year, Montana’s Department of Revenue reported Friday.

Corporate income tax breaks, individual income tax deductions and the potential elimination of federal royalty payments would cut state revenue by $70.3 million in tax year 2018, Revenue Director Mike Kadas said.

Over the next four years, the annual loss would swell to $76.2 million in 2019, before sliding to $67.3 million in 2021. Revenue economists have been closely monitoring the state impacts of the tax cuts, as Montana struggles with a revenue decline.


I assume that would be in addition to the earlier ...

Billings Gazette (Oct 29) wrote:
Montana lawmakers battling as budget office projects $227 million shortfall


In any case, how do you think Montana is going to make up what it needs? Massive cuts to services? Higher property taxes? Higher income taxes? A new sales tax? ???

The extra $20 or $40 or $50 you get every 2 weeks from Trump's tax cuts (unless you have a google of children or are in a high enough tax bracket to do creative accounting) -- is not only going to give nothing to you in the end -- but will also bankrupt the state.

Great job for all of you who voted for Trump and rallied for this giant redistribution wealth to the richest of the rich. 👏 👏 👏
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Posted by Richard Bonine, Jr. (+15423) 5 years ago
Elections have consequences and Montana voted for what has happened. Procreate Montana! They deserve the government they voted into power.

And there are few things more irritating than factoid Mary progressives whining about “what happened” using the language and framing of the party they are protesting. Right now democrats couldn’t frame an idea, if it came pre-assembled from IKEA.

[Edited by Richard Bonine, Jr. (12/25/2017 12:13:52 PM)]
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Posted by Jeri Dalbec (+3264) 5 years ago
If you would only read, "Democracy in Chains" by Nancy MacLean. It is so on target and it continues to play out. Much more to come. So rewarding for some to please the Radical Libertarians who are running our country.

Posted by Mary Catherine Dunphy (+2900) 5 years ago
Snopes.com reports that Charles and Elizabeth Koch gave nearly half a million dollars to Paul Ryan's campaign fundraising committee after passage of the Republican tax bill.

That's a bargain basement price for buying the politics of Paul Ryan given that the Koch Brothers are each reported to be worth $41 billion. Given the tax breaks for rich people like them under the new GOP tax plan, the Kochs must be laughing all the way to the bank -- while it is projected that in 10 years the U.S. will be an additional $1.5 trillion in debt -- probably to China. I wonder what government programs Paul Ryan and his Republican cohorts will want to cut then -- Medicare, Social Security, veterans' benefits? Stay tuned!

In the meantime, it is believed that the GOP tax plan is not only bad for blue states but also for red states.

"The GOP Tax Law Doesn't Just Hurt Blue States. It Hurts Everyone" by Catherine Rampell, The Washington Post, January 18, 2018

Posted by The man from snowy plains (-244) 5 years ago
Here is a little KOCH Trivia.

The Koch brothers have a fascinating, almost contradictory political stance. While they routinely funnel money squarely into the Republican side of politics, their core libertarian values of the free market are oddly unwavering. Charles and David are vehemently against any type of ‘corporate welfare,’ even such policies are beneficial to Koch Industries.

For example, Charles opposed the Trump Administration’s tax bill on border taxes. He explained that even though a border adjustment fee subsidizing exports and punishing imports would likely be good for his own business, it was bad policy for the country.

"It will allow us to raise our prices and probably reduce our taxes at the same time," he told the Freakonomics show. "It will enable us to increase our profits by over a billion dollars a year, at the expense of working Americans. Now what kind of policy is that? It makes no sense.”

At the same time, the Kochs oppose climate change regulations, not because they don't believe the science but because they believe such curbs would stymy the very innovations which could ultimately prove to be the most beneficial in reducing climate change.