President Trump Shoots Down Plans for Tax Hike on Middle Class Retirement Savings (UPDATE, not so fast)
President Donald Trump tweeted his opposition Monday morning to changes to tax-deferred retirement accounts that were reportedly under consideration by House Republicans.
“There will be NO change to your 401(k),” Trump tweeted. “This has always been a great and popular middle class tax break that works, and it stays!”
House Republicans were considering a plan to slash the amount of income American workers can save in tax-deferred retirement accounts. Currently, workers can put up to $18,000 a year into 401(k) accounts without paying taxes on that money until they retire and withdraw money from their savings. Proposals under discussion on Capitol Hill would set the cap lower, perhaps as low as $2,400. The effect would be a huge tax hike on middle class workers.
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UPDATE, this just out: House chair: 401(k) changes still on the table, folks