Trump pledges 'NO change to your 401(k)' in his tax cut plan
Several news organizations reported last week that congressional Republicans were considering a cap on contributions to 401(k) programs as part of a broad overhaul of the tax code.
WASHINGTON – President Trump vowed on Monday that his tax cuts plan would not include any changes to tax-deferred retirement accounts such as 401(k)s, following reports last week that House Republicans were weighing a sharp reduction in the amount of income American workers could save through such programs.
Trump tweeted Monday morning:
Several news organizations reported last week that congressional Republicans were considering a cap on contributions to 401(k) programs as part of a broad overhaul of the tax code.
Such tax-deferred accounts are a popular way that many Americans, especially middle-class workers, save for their retirement. Any proposed limits or restrictions could have drawn a sharp backlash, including in the asset management industry.
Trump's tweet comes as the White House steps up its campaign for tax reform this week. The president wrote an op-ed in USA Today under the headline, "With tax reform we can make it morning in America again," a play on former president Ronald Reagan's campaign slogan.
Trump spoke with House Republicans on a Sunday evening conference call to mobilize support for tax cuts and plans to visit Capitol Hill on Tuesday for a luncheon meeting with Senate Republicans.
Meanwhile, Ivanka Trump, one of the president's daughters and a senior White House adviser, will travel to Bucks County on Monday to hold a town hall meeting about tax reform in Richboro.