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Gianforte Votes for Tax Cuts, More Jobs for Hardworking Montanans

November 16, 2017
Press Release
Study: Bill Creates 2,879 New Montana Jobs, Increases Income for Median Montana Households by $2,169

Washington, D.C. – Today, the U.S. House of Representatives passed the Tax Cuts and Jobs Act on a vote of 227-205. The legislation reforms America’s tax code for the first time in 31 years and includes tax cuts for low- and middle-income Montanans who need relief the most.

The legislation lowers tax rates for hardworking Montanans, helps families with the expenses of raising their children, and makes it easier to file taxes. The measure reduces rates for businesses of all sizes and encourages business investment, which grows the economy, jobs, and wages.

An analysis from the nonpartisan Tax Foundation finds that the Tax Cuts and Jobs Act will create nearly 2,879 new Montana jobs and increases after-tax income by $2,169 for median Montana households.

Montana Congressman Greg Gianforte spoke on the House floor in support of the Tax Cuts and Jobs Act.

“The Tax Cuts and Jobs Act will increase paychecks for hardworking Montanans, create Montana jobs, and unleash economic growth,” Gianforte said. “The bill will create nearly 2,900 new Montana jobs and will increase income for median Montana households by nearly $2,200.”

“Hardworking Montanans will see a big tax break by cutting their rates and by doubling the standard deduction. Montana families will benefit from an increased child tax credit,” Gianforte said.

“I am proud to vote for tax reform that will create thousands of Montana jobs, ensure hardworking Montanans keep more of what they earn, and help small businesses,” Gianforte said.

The Tax Cuts and Jobs Act is a pro-growth plan to overhaul our nation’s tax code for the first time since 1986. The legislation ensures hardworking Montanans keep more of what they earn, encourages Montana businesses to invest and hire more workers, and leads to greater economic growth.

The bill lowers tax rates for low- and middle-income Americans to zero, 12 percent, 25 percent, and 35 percent, while maintaining the current rate for high-income Americans. The standard deduction nearly doubles to $24,000 for married couples and $12,000 for individuals. The legislation establishes a new family credit and also includes an increase of the child tax credit from $1,000 to $1,600. The legislation preserves the home mortgage interest deduction, continues the deduction for charitable contributions, retains popular retirement savings options, and continues to allow people to write off the cost of state and local property taxes.

The bill limits the maximum tax rate for small business income to 25 percent, the lowest rate on small businesses since World War II. The measure lowers the corporate tax rate to 20 percent – down from 35 percent, among the highest in the industrialized world. The legislation encourages business investment by allowing businesses to immediately write off the full cost of new equipment.

Finally, the bill reduces and ultimately repeals the death tax, which will benefit Montana’s family farmers, ranchers, and small business owners.

While the U.S. House of Representatives passed the Tax Cuts and Jobs Act, tax reform legislation awaits action in the U.S. Senate.

More information about the Tax Cuts and Jobs Act may be found on the Ways and Means Committee’s website and at fairandsimple.gop.

Video of Gianforte’s remarks may be found here.

Gianforte’s remarks, as prepared, follow:

Mr. Speaker, the Tax Cuts and Jobs Act will increase paychecks for hardworking Montanans, create Montana jobs, and unleash economic growth.

In fact, analysis from the nonpartisan Tax Foundation finds the bill will create nearly 2,900 new Montana jobs and will increase income for median Montana households by nearly $2,200.

Hardworking Montanans will see a big tax break by cutting their rates and by doubling the standard deduction. Montana families will benefit from an increased child tax credit.

Today, only about one in four Montanans itemize their deductions – filling out stacks of paperwork for hours after saving piles of receipts. With tax reform, those days are over. Under the new plan, 9 in 10 Americans won’t have to itemize to see their full tax benefit and will file their taxes on something like a postcard.

I am proud to vote for tax reform that will create thousands of Montana jobs, ensure hardworking Montanans keep more of what they earn, and help small businesses.

Thank you, Mr. Speaker, and I yield back.

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