How the Tax Reform Affects Northlanders

FOX21 spoke with a local financial expert to see how the tax reform will affect Northlanders

DULUTH, Minn.- How will this historic tax reform affect you?

FOX21 checked in Barry Bigelow chief financial advisor with Great Waters Financial.

Bigelow said the new tax cuts will lower rates in all seven brackets. For example couples who make under $90,000 will see a bit of a tax decrease. The largest cut will go to corporations.

“The corporate tax rate is getting decreased to 21%, which for a lot of local companies who compete on a global scale, could be very good for the area and the economy here,”¬†Bigelow said.

President Donald Trump says Americans could expect bigger paychecks beginning in February. New tax deductions won’t take effect until filing 2018’s forms in 2019.