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“Santa Came Early for Hardworking Montanans,” Gianforte on Tax Reform

December 19, 2017
Press Release

Washington, D.C. – Montana Congressman Greg Gianforte today voted for pro-family, pro-growth tax reform. The Tax Cuts and Jobs Act cuts tax rates for Montanans at all income levels, provides relief to Montana families, and helps our small businesses grow and create jobs.

“Santa came early for hardworking Montanans with tax reform that will let them keep more of what they earn,” Gianforte said. “Montanans of all income levels will see their taxes cut. These tax cuts keep $800 million in the hands of Montanans, not sent 2,000 miles to the federal government’s coffers.”

“With tax reform, Montana families will be able to better afford the rising costs of raising their children with the doubling of the child tax credit,” Gianforte said. “And Montana’s small businesses will have more incentives to invest and grow, creating Montana jobs and jumpstarting our sluggish economy.”

“Tax reform will make taxes fairer for Montanans by eliminating special interest loopholes that Washington lobbyists have carved out. We have delivered on our promise to reform our tax code to benefit hardworking Americans, and I will continue to look for ways to boost our economy and create Montana jobs,” Gianforte said.

The bill cuts tax rates for hardworking Montanans at all income levels and doubles the standard deduction. It also doubles the child tax credit from $1,000 to $2,000, which will benefit the nearly 70,000 Montana taxpayers who claim the credit. The measure preserves the adoption tax credit, the home mortgage interest deduction, the deduction for charitable contributions, the deduction for state and local property taxes, and the medical expense deduction.

The legislation also benefits and protects Montana’s family farmers, ranchers, and small business owners by doubling the death tax’s exemption level.

The measure makes America more competitive, keeping American jobs here and bringing overseas profits back home. The bill lowers America’s business tax rate from 35 percent, the highest in the industrialized world, to 21 percent. The legislation encourages investment by allowing businesses to immediately write off the full cost of their business investments, including vehicles, equipment, software, combines, facilities, and buildings.

Montana stakeholders welcomed the passage of the Tax Cuts and Jobs Act.

Webb Brown, president and CEO of the Montana Chamber of Commerce: “The Montana Chamber of Commerce thanks Rep. Gianforte for passage of significant federal tax reform in the US House of Representatives. Simplifying the tax code at low, broad-based rates will meet several objectives in our 10-year strategic plan, Envision 2026. Pairing tax reform with responsible management of the deficit will spur economic growth, raise gross state product, and boost per-capita income for Montana's small businesses and families.”

Steve Bryan, executive director of Child Bridge: “Child Bridge works with foster and adoptive families from across Montana on a daily basis. These families are heroes – offering opportunities of hope and healing to our state’s children who have been victims of abuse and neglect. We are so thankful that the adoption tax credit has been preserved in the final tax reform bill. When children in vulnerable circumstances are brought into nurturing, safe environments, outcomes are improved not only for the child, but also for our state and the country as a whole.”

Riley Johnson, Montana state director of the National Federation of Independent Business: “NFIB would like to thank Congressman Gianforte for his support for the most important small business tax cut plan in more than 30 years. His support for Main Street businesses means they will be able to reinvest their money, grow, and create jobs.”

Jeff Laszloffy, president of the Montana Family Foundation: “We appreciate congressional Republicans keeping their promise and standing up for American families. Letting hardworking mothers and fathers keep more of their own money is good for families and good for the country.”

Liz Marchi, small business investor and former hospital board member: “Private-activity bonds enable cost effective financing of critical infrastructure like hospitals and treatment centers in states like Montana. These bonds have financed aver $2.5 billion in hospitals and clinics over the last 12 years in Montana. The MFFA has the expertise and oversight to offer and administer these bonds which have an excellent track record. Thank you to Congressman Gianforte for his support of retaining this very important tool for maintaining quality health care facilities in Montana.”

Hans McPherson, president of the Montana Farm Bureau Federation: “Comprehensive tax reform was long overdue so we appreciate all the work that Congressman Gianforte and others have done to see it through. This bill will benefit individuals and businesses in our country, including Montana’s family farms and ranches. Keeping more dollars in the hands of farmers and ranchers will insure that they are able to reinvest in their businesses, benefiting their families and the local community.”

Bryan Mussard, president of the Montana Stockgrowers Association: “The Montana Stockgrowers Association applauds Congressman Gianforte for working to pass comprehensive tax reform. Many of the tax provisions are important to Montana’s ranchers, including doubling the death tax exemption levels, bonus depreciation, section 179 and interest deductions.”

Following passage in the Senate, the Tax Cuts and Jobs Act will go to President Trump to be signed into law.

Background information on H.R. 1, the Tax Cuts and Jobs Act:

For Individuals and Families, the Tax Cut and Jobs Act:

  • Lowers individual taxes and sets the rates at 0%, 10%, 12%, 22%, 24%, 32%, 35%, and 37% so people can keep more of their hard-earned money.
  • Significantly lowers the tax burden by nearly doubling the standard deduction to $12,000 and $24,000 for individuals and married couples, respectively.
  • Doubles the Child Tax Credit from $1,000 to $2,000 for single filers and married couples to help parents with the cost of raising children.
  • Preserves the Child and Dependent Care Tax Credit to help families care for their children and older dependents such as a disabled grandparent.
  • Preserves the Adoption Tax Credit so parents can continue to receive additional tax relief as they open their hearts and homes to an adopted child.
  • Continues to allow people to write off the cost of state and local taxes – up to $10,000.
  • Preserves the mortgage interest deduction – providing tax relief to current and aspiring homeowners.
  • Continues and expands the deduction for charitable contributions so people can continue to donate to their local church, charity, or community organization.
  • Maintains the Earned Income Tax Credit to provide important tax relief for low-income Americans.
  • Improves savings vehicles for education by allowing families to use 529 accounts to save for elementary, secondary and higher education.
  • Provides support for graduate students by continuing to exempt the value of reduced tuition from taxes.
  • Retains popular retirement savings options such as 401(k)s and Individual Retirement Accounts (IRAs) so Americans can continue to save for their future.
  • Provides immediate relief from the Death Tax by doubling the amount of the current exemption to reduce uncertainty and costs for many family-owned farms and businesses when they pass down their life’s work to the next generation.

For job creators of all sizes, the Tax Cuts and Jobs Act:

  • Lowers the corporate tax rate to 21% – down from 35%, which today is the highest in the industrialized world.
  • Delivers significant tax relief to Main Street job creators by offering a first-ever 20% tax deduction that applies to joint income earned by most small businesses.
  • Allows businesses to immediately write off the full cost of new equipment to improve operations and enhance the skills of their workers – unleashing the growth of jobs, productivity, and paychecks.
  • Preserves the Research & Development Tax Credit that encourages businesses and workers to develop cutting-edge “Made in America” products and services.
  • Retains the tax-preferred status of private-activity bonds that are used to finance valuable infrastructure projects.
  • Makes it easier for American businesses to bring home foreign earnings to invest in growing jobs and paychecks in our local communities.
  • Prevents American jobs, headquarters, and research from moving overseas by eliminating incentives that now reward companies for shifting jobs, profits, and manufacturing plants abroad.

For more information on the Tax Cuts and Jobs Act, visit the Committee on Ways and Means website here.