Governor Greg Gianforte announced today that Montana has been ranked among the top states for fiscal responsibility and tax relief in a recent report by the Cato Institute, a nationally recognized think tank. The report assessed the tax and spending records of all 50 states and their leadership since 2022.
“I’m proud of my record to reduce government spending and return Montanans more of their hard-earned money,” said Gov. Gianforte. “As Montanans face the Biden-Harris affordability crisis, which has increased costs from the gas pump to the grocery store, we will continue to implement policies that help them weather the storm.”
Montana received an “A” rating for fiscal discipline, sharing this distinction with Iowa, Nebraska, West Virginia, Arkansas, and South Dakota. The Cato Institute praised these governors for leading a significant wave of tax cuts in recent years.
The report highlighted Gov. Gianforte’s success in lowering the top individual income tax rate from 6.9 percent to 5.9 percent, as well as his collaboration with the legislature to simplify the state’s tax code by reducing the number of income tax brackets from seven to two.
Creating a favorable business environment and expanding opportunities for Montanans is a key priority for the Gianforte administration. Last spring, the governor announced the largest tax cut in state history, providing income tax reductions for Montanans at all income levels, alongside both immediate and long-term property tax relief.
Additionally, the governor has reformed the state’s tax code to cut red tape and encourage business investment and job creation, attracting companies from around the globe to Montana.
A recent report from the Montana Department of Labor & Industry corroborated the effectiveness of the pro-business and pro-jobs policies implemented by Gov. Gianforte and the legislature, noting that Montana ranked second in the nation for fastest wage growth and eighth for fastest employment growth since 2020.
By: DNU staff
The full report from the Cato Institute can be found here.