There’s another kind of bracket-mania sweeping the country, and its effects will last long beyond the NCAA basketball tournament. More than a dozen states that have cut tax rates lately have also slashed the number of income brackets. The result is a simpler and fairer tax code that combines a broad base with lower rates.
The latest entrant is Montana, where lawmakers passed reforms Monday. The top income-tax rate will fall to 5.9% in 2024 from 6.75% now. Gov. Greg Gianforte called it “the largest tax cut in Montana history,” and it builds on his 2021 cut that dropped the rate from 6.9%. The state’s tax code will also collapse to two brackets from seven. Thousands of families earning less than $41,000 will pay a lower 4.7% rate that was enacted on a delay in Mr. Gianforte’s first tax cut.
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