Gianforte’s Tax Plan Would Give Himself a Tax Cut, Explode the Deficit, Raise Taxes on “Millions” of Families
Helena—It’s now clear: according to multiple independent analyses, the recently released House tax plan that Congressman Greg Gianforte supports would give him and other multimillionaires a $46,000 tax cut, explode the deficit by as much as $1.7 trillion, and raise taxes on “millions of middle class families.”
An analysis by the nonpartisan Institute on Taxation and Economic Policy (ITEP) has found that under the House tax proposal, the richest 1% of Montanans would receive a $46,130 tax cut on average in 2018. By 2027, tax cuts for multimillionaires like Gianforte would make up 49% of all tax breaks the bill provides to Montanans.
Gianforte and his party bosses want to pay for these tax breaks for the super rich by exploding the deficit. The new bill could add as much as $1.7 trillion to the deficit, according to an analysis by the University of Pennsylvania’s Penn-Wharton model.
So what impact will tax cuts for the super rich and exploding the deficit have on the rest of us? A New York Times analysis has found that “millions of middle class families” would see an immediate tax increase, averaging $2000. By 2026, 45% of middle-class families would pay more than what they would under the current system.
So what does Gianforte think about the plan?
“This is a do-or-die situation for Republican leadership. I’m hearing from many people saying, ‘Listen, you guys better get your act together.’ We need to get it done by the end of the year or we’ve missed our window.”
Sounds like a man who is rushing to cut his own taxes, and fast.