What the tax reform could mean for North Dakotans

As more details are coming out about a plan for tax reform, we're getting a better idea of how North Dakotans would be affected.

President Trump was in Mandan just a few weeks ago, speaking about how he is going to lower taxes for both businesses and individuals. The plan includes three tax rates, instead of the current seven. It would also lower the business tax rate from about 35 to 20 percent. Another big part would include doubling the standard deduction rate for individuals.

"We don't have as high local and state taxes that you can deduct when you itemize,” state Tax Commissioner Ryan Rauschenberger said. “We have lower cost of living, so mortgage insurance isn't as much, so we actually benefit better or more than other states that have higher tax or higher cost of living.”

The changes are being written up in a bill that will first go to Congressional committees.