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Gianforte administration calls for tax cuts to lure out-of-state entrepreneurs

Gianforte
Three bills before the Legislature would scale back income and capital gains taxes in an effort to bolster Montana’s economy by boosting entrepreneurs. Opponents don’t buy the logic.

Opponents, though, said the notion that tax cuts for the wealthy will promote widespread economic opportunity has been discredited by modern economic research. They cited a study published last year by researchers at the London School of Economics that examined 50 years of tax policy in 18 countries to conclude that major tax reductions for the wealthy lead to higher income inequality without creating significant economic growth or reducing unemployment.

Heather O’Loughlin, director of the left-leaning Montana Budget and Policy Center, testified she is concerned about the consequences of having Montana participate in a “race to the bottom” by cutting taxes on high earners.

 

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