Montana panel defeats tax increase on state's wealthiest
HELENA — A Democratic-led effort to increase taxes on Montana's wealthiest residents died in a legislative committee Friday, underscoring the deep philosophical divide among lawmakers over taxes and spending that could hamper a budget deal.
The proposal before the House Taxation Committee would have increased income taxes on people making more than $400,000 a year. The plan by Rep. Kim Abbott, D-Helena, called for establishing an 8.9 percent tax bracket on those top incomes.
The party-line vote defeating the measure suggested a similar proposal by Democratic Gov. Steve Bullock for a new tax bracket on the super-wealthy could be dead on arrival, despite acknowledgement by Republican leaders that the budget woes won't be solved unless both sides compromise.
The same House committee could soon debate the plan by Bullock, who is seeking a mix of spending cuts and new tax revenues to balance the state budget as required by law.
Read more: http://billingsgazette.com/news/state-and-regional/montana/montana-panel-defeats-tax-increase-on-state-s-wealthiest/article_f1471637-8c99-5901-92b3-3f781c2c11f0.html
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