A couple of new North Carolina laws went into effect on Wednesday and those new laws could affect your wallet. Lillian Taylor is a student driver and says half of her paycheck goes towards paying for car insurance. There could be a greater financial squeeze under a new state law.  One bill raises the minimum liability limits for auto insurance up to $50,000 for one person and $100,000 for two or more people per accident.  Property damage will also rise to $50,000. An economist says auto insurance premiums will likely go up with this new law. At the same time, another bill lowers the personal income tax rate down a quarter of a percentage. The expert estimates a person making $50,000 a year could save about 125 bucks. “I think the average household, whatever they would save on this income tax cut, would be more than counteracted by increases in insurance rates,” economist Mike Walden said. Julianne Fournier, who moved to Raleigh from Canada for affordable living, feels differently. “I don’t see it as a lawsuit like tax income. I think it’s more beneficial to have lower tax income and we figure out insurance on their own afterwards,” Fournier said. “That’s a win for me.”