Montana Ranked Top State for Fiscal Responsibility, Tax Relief

Montana Ranked Top State for Fiscal Responsibility, Tax Relief

• October 17 2024

HELENA, Mont. - Governor Greg Gianforte today announced Montana was ranked as a top state for fiscal responsibility and tax relief in a recent report from the nationally-recognized Cato Institute, which graded states and their leadership on tax and spending records since 2022.

"I'm proud of my record to reduce government spending and return Montanans more of their hard-earned money," Gov. Gianforte said. "As Montanans face the Biden-Harris affordability crisis, which has driven up costs from the gas pump to the grocery store, we'll continue to enact policies that help them better weather the storm."

In the report, the Cato Institute examined tax and spending records across all 50 states. Montana was joined by Iowa, Nebraska, West Virginia, Arkansas, and South Dakota in getting an "A" rating for fiscal discipline. "These governors have led the largest wave of tax-cutting in decades," the Cato Institute noted.

The report pointed to Gov. Gianforte's success in reducing the top individual income tax rate from 6.9 percent to 5.9 percent and highlighted the governor's work with the legislature to simplify the state's tax code, reducing the number of income tax brackets from seven to two.

Creating the best environment for business and more opportunities for Montanans is a top priority of the Gianforte administration. Last spring, the governor was proud to deliver the largest tax cut in state history, providing income tax cuts for Montanans at every level, as well as immediate and long-term property tax relief.

In addition, the governor has reformed the state's tax code to cut red tape and promote business investment and job creation, attracting businesses from around the world to Montana.

A recent report from the Montana Department of Labor & Industry confirmed that the pro-business, pro-jobs policies enacted by the governor and the legislature are delivering results. Since 2020, Montana was second in the nation for fastest wage growth and eighth for fastest employment growth.

The full report from the Cato Institute can be found here.

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