Tax reform and the bottom line

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GOP leaders say the aim of the new tax bill is to get more money in your pocket.

Previously, there were seven individual tax brackets, starting at 10 percent and reaching 39.6 percent for incomes above $480,000 for married, joint filers. Now that will all be changing.

"If you look at your middle North Dakotans, you have the doubling of the standard deduction, you have child tax credit, you have lower rates. I think it's a win win," said North Dakota State Tax Commissioner Ryan Rauschenberger,

The new bill will still have the seven brackets starting at 10 percent but will only reach 37 percent for married and joint filers with incomes above $600,000.

Rauschenberger says he was concerned the changes would have a negative impact on state funding.

"Now that we have actually been applying it to our half a million individual income tax returns through the system with the most recent version of the bill we're starting to see it being more of a wash than being a negative impact," said Rauschenberger.

Rauschenberger says the elimination of personal and dependency exemptions will offset the other cuts.