Nov 1, 2017

GOP plans to leave 401k limits alone in new tax proposal

House Ways and Means Committee Chairman Kevin Brady, R-Texas. Photo: J. Scott Applewhite / AP

House Republicans won't touch 401k retirement plans in their new tax proposal, according to an AP report.

Why it matters: Per Axios' Jonathan Swan, Trump opposed limiting 401k contributions "because he thinks it's a political disaster." Ways and Means Committee Chairman Kevin Brady had planned to reduce the amount of money people could contribute to their 401k pre-tax to generate more tax revenue. With the plan to be unveiled tomorrow, the decision isn't yet solidified.

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