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Thread: Republican tax plan could affect 401(k) plans, despite Trump assurances

  1. #1

    Republican tax plan could affect 401(k) plans, despite Trump assurances

    http://abcnews.go.com/Politics/repub...ry?id=50711720

    Republican tax writers on Capitol Hill are still considering changes to 401(k) retirement savings programs, downplaying President Donald Trump's repeated pledges not to touch retirement accounts popular with middle-class Americans in the GOP tax overhaul.

    At a breakfast with reporters this morning, House Ways and Means Committee Chairman Kevin Brady, R-Texas, said tweaks to the current system are possible in the tax plan, which Republicans are expected to release on as early as Nov. 1.

    “We want more Americans to save more. We want them to save earlier in their lives,” Brady said, adding that congressional Republicans are “exploring a number of ideas” and share the same goal as Trump.

    “We are continuing discussions with the president, all focused on saving more and saving sooner,” he said.

    On Monday, Trump tweeted, “There will be NO change to your 401 (k),” amid reports that Republicans writing the sweeping tax bill are considering reduced contribution limits for 401(k)s.

    He reaffirmed his position Wednesday, telling reporters that leaving the retirement savings plans intact is “very important.”

    “I didn’t want that to go too far. That’s why I ended it very quickly,” he said of the 401(k) discussions.

    Brady declined to comment on Trump's response to his comments, other than to point out that Trump called him "fantastic."

    The emerging conflict between the White House and congressional Republicans over retirement savings highlights the challenges Republicans will face when they release their full proposal to overhaul the U.S. tax system. Republicans are already steeling themselves for lobbying from interest groups opposed to changing existing tax law, and some are concerned that additional criticisms from the president could complicate their effort.

    "I don’t think the president knows exactly what we’re contemplating and how that would enhance savings in our country," Rep. Carlos Curbelo, R-Fla., another member of the House Ways and Means Committee, told reporters. "I think when he said more changes he probably meant that he didn’t want Americans to be worse off from any changes."

    Rep. Dave Schweikert, R-Ariz., another member of the panel, said the ongoing discussions about changes to retirement plans are more complicated than Trump suggested.

    "The president said something on this, but there's three- to four-dozen moving parts that are in this conversation," he said, inviting the White House to contribute to the policy debate.

    A move to lower contribution caps to the plans, which are not taxed until money is withdrawn from them, could force more Americans to contribute to their retirement by putting money into plans that are taxed immediately. The policy change would help pay for some of the tax cuts in the Republican plan -- which is crucial to moving the bill through Congress.

    The House will vote Thursday on a budget resolution setting the parameters for the tax bill and clearing a procedural hurdle that will allow them to take up the legislation and pass it with a simple majority in the Senate.

    Despite ongoing disagreements within the party over changes to state and local tax deductions, Republicans hope to pass the bill through the House by Thanksgiving and get it to Trump’s desk by the end of the year.



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  3. #2
    Zippy, no doubt, suppports the Democrat's tax plan.

  4. #3
    Quote Originally Posted by sparebulb View Post
    Zippy, no doubt, suppports the Democrat's tax plan.
    What is in the Democrat's tax plan? I haven't seen one. Trump promised his would benefit the middle class.

    The IRA deduction and the mortgage interest deductions are about the only ones middle class tend to use.

  5. #4
    Zippy, you mean that you don't scrutinize the Democrats?

    Color me shocked.

  6. #5
    Quote Originally Posted by Zippyjuan View Post
    What is in the Democrat's tax plan? I haven't seen one. Trump promised his would benefit the middle class.

    The IRA deduction and the mortgage interest deductions are about the only ones middle class tend to use.
    I'm pretty sure the middle class tends to use the standard deduction as well.

  7. #6
    Quote Originally Posted by specsaregood View Post
    I'm pretty sure the middle class tends to use the standard deduction as well.
    You are right. They might increase that but get rid of the personal deductions which would raise taxes for families.

    http://www.latimes.com/business/la-f...928-story.html


  8. #7
    Dems always have a tax plan , 50 percent tax on anyone making 30k per yr or more , " free " govt health care and food stamps for everyone under 100K per yr . Something like that would get most dem votes most of the time .
    Last edited by oyarde; 10-25-2017 at 08:28 PM.

  9. #8
    Most republican tax plans usually suck because there are very few elected officials bright enough to move tax code without screwing people .



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  11. #9
    people will accept what the gov gives them. They are either ignorant, brain washed or both.

  12. #10
    LibForestPaul
    Member

    If the republicans cared about middle class NO WAGES would be taxed. Investments and C corporations and the like would require filings. But I guess 1930s are gone. Everyone, rich and poor, old and young, need the SS mark.



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