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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

35 mins ago - World

Netanyahu campaigns against Biden's plan to save Iran deal

Netanyahu campaigns at a gym last month. Photo: Pool/AFP via Getty

Israeli Prime Minister Benjamin Netanyahu indirectly criticized the Biden administration for its intention to return to the Iran nuclear deal and told his supporters he was prepared to "stand against the entire world" to stop it.

Why it matters: This is a major change of tune for Netanyahu, who had been careful in his statements on the Iran deal and avoided publicly criticizing President Biden. The statement was part of Netanyahu's attempt to rally his base ahead of Israel's election on March 23.

Updated 57 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Tech: "Fludemic" model accurately maps COVID hotspotsVirtual doctor's visits and digital health tools take off.
  2. Politics: Schumer says Senate will stay through weekend to vote on COVID relief — Republican governor of West Virginia says there's no plan to lift mask mandate.
  3. World: Canada vaccine panel recommends 4 months between doses.
  4. Business: Firms develop new ways to inoculate the public.
  5. Local: Ultra-rich Florida community got vaccinations in January.
Dan Primack, author of Pro Rata
2 hours ago - Economy & Business

Why fears of a SPAC bubble may be overblown

Illustration: Annelise Capossela/Axios

The SPAC surge continues unabated, with 10 new ones formed since Wednesday morning. And that's OK.

Between the lines: There are growing concerns that retail investors are about to get rolled, with smart sponsors taking advantage of dumb money.