Monday, 19 November, 2018

Concerns Mount Over 401(k) Cuts in Trump Tax Plan

U.S. President Donald Trump speaks during a meeting with members of the Senate Finance Committee and his economic team Trump Promises Tax Reform Won't Impact 401(k) Plans
Ellis Copeland | 25 October, 2017, 22:16

Republican leaders in the House want to vote on it this week.

Brady's comments come just one week before he is planning to introduce his tax bill, which Republicans hope will lead to the most sweeping changes to the tax code in more than 30 years.

"The plan provides a tax cut upward of $1,200, which means middle-class families can save for the future and finally have some peace of mind", Bliss said.

Independent analysts believe Trump's tax cut plan would leave the debt even larger, while some Republicans are of the view the tax cut could be offset by stronger economic growth that would generate more tax revenue.

President Donald Trump has shot down a possible approach for raising revenue to finance tax cuts in politically must-do legislation for the Republicans, promising the popular 401 (k) retirement program will be untouched.

Under pressure to show they can get something done after the GOP's failure to repeal and replace Obamacare, many of those self-proclaimed fiscal conservatives on the hill are focused for now on making sure they can move ahead with a tax overhaul.

Ways and Means Committee Chairman Kevin Brady, who has been leading negotiations on the issue, said, "I feel confident that we'll have the votes to pass this because everyone knows that no budget, no tax reform, no middle class relief, no relief for our local businesses, and United States jobs will continue to move overseas".

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Still, the head of the House's tax-writing committee indicates that changes to the 401 (k) structure may still be on the table.

Trump's victory in the Republican primaries was a testament to the fact that a critical mass of GOP voters wanted the party to shift its emphasis from support for businesses to an appreciation of middle- and working-class voters.

According to a Reuters/Ipsos poll released on Tuesday, of the adults who said they had heard of the tax reform, 28 per cent said they support it, while 41 per cent oppose it and another 31 per cent said they do not know, Xinhua reported. "The upcoming House vote on the budget will pave the way to advance pro-growth tax reform, and it's time for Congress to act and make these reforms a reality". "This has always been a great and popular middle class tax break that works, and it stays!" he tweeted early Monday. Brady also said Republicans were nearing an agreement on changes to the state and local tax deduction.

The waffling in Washington over what taxes to cut, where they will get the money to pay for the lost revenue and many other undecided money-related policy issues has had an unsettling effect on Main Street investors.

Trump says on Twitter Monday: "There will be NO change to your 401 (k)".

House Republicans need to pass the new budget resolution because it matches one passed last week by the Senate.

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