Trump promises tax reform won’t impact 401(k) plans


Business News - Opportunities - Reviews



Trump promises tax reform won’t impact 401(k) plans – Oct. 23, 2017

Inside the GOP's tax blueprint

President Trump vowed Monday that the tax break for 401(k) plans will be kept in place under the administration’s tax reform proposal, despite reports to the contrary.

“There will be NO change to your 401(k). This has always been a great and popular middle class tax break that works, and it stays!” he tweeted early Monday.

‘; var storytext = document.getElementById(‘storytext’); var heightToSkip = 0; function resetValues() { totalHeight = 0; targetChildElement = null; }
// Check if story is in the blacklist of articles to remove smartassets // [2017.07.27] Results of a one-off request from r.barbieri if(BLACKLIST[location.pathname] === true) { return } if(storytext == null) { console.log(“Error finding storytext element for SA embed”); return; } for ( i = 0; i 0) { heightToSkip -= storytext.childNodes[i].clientHeight; resetValues(); } else if(heightToSkip minHeight && targetChildElement != null) { //console.log(“total height = ” + totalHeight); //console.log(“childNode = ” + targetChildElement); storytext.childNodes[targetChildElement].insertAdjacentHTML(‘afterend’, smartAssetDiv); smartasset = document.getElementById(‘smartasset-article’); = ‘left’; // allows module to have text float to right =’20px’; =’25px’; //console.log(storytext.childNodes[targetChildElement]); //SMARTASSET.setDivIndex(targetChildElement); SMARTASSET.setSmartAssetScript(); /* bail out since we’re done */ break; } } /* div with id=”smartassetcontainer”. Sanity check to only embed once */ else if (storytext.childNodes[i].nodeName.toLowerCase() === ‘div’ && storytext.childNodes[i].id !== “undefined” && storytext.childNodes[i].id === “smartassetcontainer”) { break; } /* div with id=”ie_column” */ else if (storytext.childNodes[i].nodeName.toLowerCase() === ‘div’ && storytext.childNodes[i].id !== “undefined” && storytext.childNodes[i].id === “ie_column”) { resetValues(); } /* embeds from twitter, facebook, youtube */ else if (storytext.childNodes[i].nodeName.toLowerCase() === ‘div’ && storytext.childNodes[i].classList.contains(’embed’)) { resetValues(); } /* cnn video player */ else if (storytext.childNodes[i].nodeName.toLowerCase() === ‘div’ && storytext.childNodes[i].classList.contains(‘cnnplayer’)) { resetValues(); } /* images */ else if (storytext.childNodes[i].nodeName.toLowerCase() === ‘img’) { resetValues(); } /* images stored in figure tags */ else if (storytext.childNodes[i].nodeName.toLowerCase() === ‘figure’) { if(storytext.childNodes[i].clientWidth

Republicans have been discussing sharp reductions in the amount of money that could be invested tax-free in the popular retirement accounts, according to reports over the weekend in numerous news outlets. Among those working on tax reform, the 401(k) deduction has been part of those discussions for months.

To offset deficit increases caused by tax cuts, some popular tax deductions will need to be eliminated. For example, the deduction for state and local taxes is on the chopping block in current discussions.

Related: 401(k) contribution limit will rise to $18,500 next year

Despite Trump’s tweet Monday, there have been numerous instances where his promises have not been born out by actual legislation.

He promised repeatedly to make no cuts in Medicaid, then pushed for a replacement for Obamacare that would have made sharp cuts in money for Medicaid. He has repeatedly said that his tax plan would benefit middle income taxpayers and not the wealthy — even though independent analysis of the plan shows that it is the wealthy who stand to benefit the most.

CNNMoney (New York) First published October 23, 2017: 8:19 AM ET


Business News - Opportunities - Reviews



Leave a Reply