Evaluation: Montanans with the very best income acquired US $ 719 million in 2 years from the GOP tax law State & regional

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 Analysis: Montanans with the highest income received US $ 719 million in 2 years from the GOP tax law State & regional

Almost all taxpayers received a tax cut under the law, although when comparing the total dollars saved, benefits were disproportionately shifted from those in the upper income brackets. However, those with the highest incomes still bear a proportionally higher burden of the total tax burden.

Those earning less than $ 200,000 a year, roughly 461,000 Montans, paid an average of 2.23% less of their income a year in 2019, which translates into an average saving of about $ 1,130 each.

Those who make over $ 2 million a year, 339 Montans, were paying 2.59% less of their income than they would have, saving an average of about $ 166,193 each.

People who earned between $ 400,000 and $ 600,000 saw the biggest change in their tax bill, paying an average of 5.77% less on their income in 2019.

The bottom 96.6% of income earners in 2019, 461,384 Montana filers, saved an average of $ 1,130. The average saved by these earners in 2018 was $ 1,361.

In two years, the top 3.4% of Montana taxpayers have saved $ 719 million as a result of the law, accounting for about 40.1% of the total tax savings. The bottom 96.6% of income recipients combined saved about $ 1.071 billion, representing about 59.9% of the tax savings.

Almost everyone got a tax cut because of the new law. Taxpayers earning less than $ 7,000 a year paid 4.62% less tax than they would without the law, an average of $ 155 each in 2019. The two-year tax savings for these 48,122 Montaner is a total of two years.The income category averaged $ 309.