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Brady says he plans to introduce a tax bill next week. Photo: Jose Luis Magana / AP

House Ways and Means chairman Kevin Brady suggested Wednesday that the tax bill he is planning to introduce next week could include changes to 401(k) plans and other retirement accounts, per the Washington Post.

Why it matters: President Trump told Senate Republicans on the Hill yesterday that he ended the 401(k) debate and he tweeted Monday that there would be "NO change" to current the plans. However, some party members involved in tax reform policy are showing resistance.

Get smart: Many GOP members are still interested in incentivizing people to use a Roth 401(k), in which the contributions are taxed, instead of a traditional 401(k) when contributions are pre-tax and the taxes are paid at the time of withdrawal. Why? Because the Roth plan would free up money now to help pay off the national debt that is expected to skyrocket with the administration's proposed tax cuts.

More from Brady:

  • Brady said during a breakfast hosted by the Christian Science Monitor that he's been "working very closely with the president," but added that many people who have tax-incentivized retirement accounts only contribute $200 per month or less, which he thinks is not enough.
  • "We think we can do better," he said. "We are continuing discussions with the president, all focused on saving more and saving sooner."
  • What's next: Brady's tax bill is expected to be released next week, though most of the details are still unclear. The GOP is hoping to get the bill passed by the end of 2017.

Go deeper

Updated 3 hours ago - Politics & Policy

Omicron dashboard

Illustration: Shoshana Gordon/Axios

  1. Health: Coronavirus variant surveillance varies widely by state — Omicron cases confirmed in 5 U.S. states America probably won't lead the effort to understand Omicron.
  2. Vaccines: Omicron adds urgency to vaccinating world — Omicron fuels the case for COVID boosters — Moderna loses patent battles tied to COVID vaccine.
  3. Politics: Nevada to impose insurance surcharge on unvaccinated state workers — New Jersey GOP lawmakers defy statehouse COVID policy — Oklahoma sues Biden administration over Pentagon vaccine mandate — Omicron travel bans are sign of what's to come.
  4. World: WHO: Delta health measures help fight Omicron — COVID cases surge in South Africa in sign Omicron wave is coming — Germany approves new restrictions for unvaccinated people.
  5. Variant tracker: Where different strains are spreading.

Prosecutors charge parents of Michigan school shooting suspect

Photo: Scott Olson/Getty Images

The parents of a 15-year-old accused of killing four students and wounding seven other people at a Michigan high school have been charged with involuntary manslaughter, according to court documents.

Driving the news: James and Jennifer Crumbley were each charged with four counts of involuntary manslaughter.

4 hours ago - World

Putin to demand legal guarantee against NATO expansion in call with Biden

Biden and Putin meeting in Geneva in June. Photo: Mikhail Metzel\TASS via Getty Images

Russian President Vladimir Putin is demanding a legally binding guarantee that NATO will not expand east — including to Ukraine — and plans to raise the issue in an upcoming phone call with President Biden, according to the Kremlin.

Why it matters: Russia has massed more than 94,000 troops on the border with Ukraine and could be preparing for a large-scale invasion at the end of January, Ukraine's defense minister said Friday.