Daines Votes to Return over $700 Million in Tax Cuts to Montana Families

Press Release

U.S. Senator Steve Daines today voted to send the Tax Cuts and Jobs Act to the President's desk and return over $700 million in tax cuts to Montanans.

"Getting the Tax Cuts and Jobs Act across the finish line means families will see bigger paychecks, Main Street businesses will be able to hire more workers, and America will compete and win on the world stage," said Daines. "Montanans' hard-earned dollars belong in their pockets -- not in Washington, D.C.'s coffers."

Highlights of the Tax Cuts and Jobs Act

Relief for Montanans:

Montanans will keep more than $700 million in tax relief.
The average Montanan will save $1,600 in taxes.
99 percent of Montanans will receive a tax cut.
Eliminates the poverty tax:
Montanans making under $50,000 make up 80 percent of the people in Montana who pay the individual mandate penalty.
Montanans have paid nearly $7.8 million to the IRS.
Doubles the standard deduction, which over 71 percent of Montanans have used.

Relief for Montana Agriculture:

Doubles the amount farmers and ranchers can deduct from new equipment and allows for immediate 100 percent expensing.
Doubles the exemption on the death tax so family-owned farms can pass down their livelihood.
Increases the exemption amount from the Alternative Minimum Tax (AMT) to reduce the complexity and tax burden on farmers and ranchers.
Reduces tax burdens on craft beer producers by lowering the excise tax on beer to $3.50 a barrel on the first 60,000 barrels for brewers producing less than two million barrels per year.

Relief for Montana Businesses:

Gives tax cuts to American businesses: Senator Daines secured $100 billion in tax cuts for Main Street businesses. These are Montana's farmers, ranchers and bakers.
Main Street provides 68 percent of private sector jobs in Montana -- higher than any other state.
Four-fifths of manufacturing businesses in America are Main Street.
Two-thirds of all new jobs in America are Main Street Businesses.
Makes American businesses competitive globally: Lowers the corporate income tax from 35 percent, the highest rate in the industrialized world, to 21 percent. This will allow American businesses to compete and win against global competitors and bring American jobs back home.

Relief for Montana Hardworking Families:

Lowers rates on middle income Americans: Allows Americans to keep more of their hard-earned dollars. A family of four with income of around $73,000 (median family income) will see a tax cut of nearly $2,200.
Doubles the child tax credit: Provides families a break by doubling the child tax credit from $1,000 to $2,000 - giving working moms and dads with two kids an extra two thousand dollars to help make ends meet.
For over 49,000 Montanan tax-payers who receive child tax credits, these increases could double total returns from $73,500,000 to $147,000,000.

Making America Energy Dominant:

Opens the Arctic National Wildlife Refuge (ANWR):
Allows for oil and gas exploration.
Raises tens of billions of dollars for deficit reduction.
Creates thousands of new jobs.
Reduces dependence on foreign oil.
Keeps energy affordable for American families and businesses.

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