How Montana congressmen stand to benefit from tax overhaul
BILLINGS, Mont. (AP) - Montana's congressional delegation may benefit financially under the new federal tax overhaul, but caps on deductions from state and local taxes may largely undo those benefits.
The Billings Gazette reports Sens. Jon Tester and Steve Daines and Rep. Greg Gianforte made public their past tax returns, showing Democrat Tester and Republican Daines could save a few thousand dollars because of the new 20 percent deduction for pass-through businesses.
Republican Gianforte would likely pay a couple hundred thousand dollars more because of caps or eliminated deductions he previously used to trim more than $1 million from his taxable income.
The amount of state and local tax deductions was capped at $10,000 in Montana, so a person who pays beyond the cap will not be able to deduct for the extra amount.