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House committee hears bill to cut income tax rates and raise deductions
Summary
Representative Brandon Leer told the House Taxation Committee HB 337 would lower income tax brackets and expand standard deductions; opponents warned analyses show the bulk of benefits would flow to the wealthiest and that the measure could shave hundreds of millions from state revenue.
Representative Brandon Leer, sponsor of House Bill 337, told the House Taxation Committee the measure would lower both income tax brackets and expand deduction thresholds, saying the changes would provide an income-tax cut for every resident of Montana.
"We are going to try to lower both brackets of the income tax," Leer said, outlining a phased reduction in the top bracket and higher deductions. He told the committee the bill would lower the top bracket about a half point over two fiscal years, raise the individual deduction from $22,000 to $70,000 (to $40,000 for married couples) and, when fully…
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