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Budget Resolution Offers Pathway for Tax Reform

28 October 2017

Diane Oakley, who leads the National Institute on Retirement Security, says the proposal "sends the wrong signal when what we really need to do is encourage more people to save".

In contrast, this White House kicked off its tax reform effort by releasing a one-page summary before administration officials retreated behind closed doors with fellow Republicans to hash out the details.

Investors are increasingly pricing in the effect of a corporate tax cut into the shares of USA companies, leaving the market primed for a steep sell-off if the Republican-controlled Congress fails to pass one of President Donald Trump's top priorities.

The 216-212 vote permits Republicans to begin work on a follow-up $1.5 trillion tax cut and move it through Congress without fear of blocking tactics by Democrats. In a different time, when hyper-partisanship was limited to a handful of wackos instead of most Republicans serving in the House and Senate, a bill like Ryan-McConnell would have been a nonstarter.

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But Trump vehemently resisted this change, tweeting Monday that there would be "NO change to your 401 (k)". The 401 (k) plan disproportionately benefits the highest-earning Americans because they have the most money to save.

Every organization representing state and local governments and public service providers, including both Republicans and Democrats, opposes the elimination of SALT as part of tax reform.

Changes to the tax-deferred savings program could also provide ammunition to Democrats, who have painted Trump's plan, with its $6 trillion in tax cuts, as a gift to the rich and corporate America that would balloon the federal deficit.

But Republican lawmakers from higher-tax states such as NY are resistant to that idea.

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U.S. Sen. Ron Johnson is bristling at the possibility of reducing what Americans can save in 401 (k) retirement plans, as the Republican-controlled Congress reportedly has considered through a broad overhaul of the federal tax code. "That will not last them in retirement", Brady said. Ways and Means Committee Chairman Kevin Brady (R-TX) said in a statement Thursday that he will introduce a tax bill on November 1 and schedule a committee markup for members to propose and vote on amendments five days later.

The amount workers can contribute to a 401 (k) rises to $18,500 next year, up from $18,000 in 2017. "We're simply considering ideas to help people save more and save early in life". GOP lawmakers have been considering changes to the 401 (k) structure, such as limiting the amount of tax-deferred contributions employees can make, as a way to help finance tax cuts.

The Trump tax outline does include some measures that would ostensibly help voters on more modest incomes.

"Passing tax reform is critical, but we must stop spending more money than we take in", she said. He and Republican congressional leaders have said they want the deal passed by the end of the year. The framework proposes slashing the corporate rate to 20 percent from 35 percent and condensing the individual income rates from seven to three, with a top rate of 35 percent, unless the tax committees decide to add a fourth rate above that.

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Budget Resolution Offers Pathway for Tax Reform