Gianforte and his Costly, 'Superficial' Tax Plan
A University of Montana economist is calling New Jersey multimillionaire Greg Gianforte's dangerous new tax plan "pretty superficial and conveniently aligned with the state's area code."
The plan, criticized for lack of details, destroys Montana's popular rainy day fund in order to give Gianforte and other multimillionaires a tax break worth more than $75,000.
"While Greg Gianforte tries to be cute with a tax plan that matches our area code, Montanans deserve to know why this plan largely benefits millionaires and out-of-state corporations while devastating Montana's popular budget surplus," said Jason Pitt, a spokesperson for the Montana Democratic Party. "Under Steve Bullock, Montana has the 6th best business tax climate and our economy is growing. The fact is Gianforte's plan benefits the wealthy while hurting middle-class Montana families."
Here is what we know:
FACT: Gianforte wants to give tax breaks to millionaires like himself:
Looking at Gianforte's own reported income of $8.4M in 2014, moving to a 6% income tax would give him a $75,600 tax break.
FACT: Gianforte wants to give tax breaks to out-of-state corporations:
Eliminating the Business Equipment Tax would largely benefit multi-million out-of-state corporations. Steve Bullock already eliminated the Business Equipment Tax for thousands of Montana small and medium sized businesses.
Gianforte's plan does nothing to help Montana's small businesses and according to the Department of Revenue "could trigger consequences in the budgets of not only the state, but for schools, fire districts, and cities across Montana."
FACT: Gianforte would blow a massive hole in our budget:
His only plan to cover these costs is to devastate the state's rainy day fund and turn our budget surplus into a deficit. See the below graphic: