GOP House & Senate Tax Leaders (Brady) Threat To Break Trump’s Promise Not To Change 401(k) Rul
GOP House & Senate Tax Leaders (Brady) Threat To Break Trump’s Promise Not To Change 401(k) Rules
House Ways and Means Committee Chairman KEVIN BRADY (R) on Wednesday suggested that a tax bill he is preparing to introduce could force changes to 401(k) plans and other retirement accounts, potentially bucking a promise from President Trump that those accounts would be left alone.
The Texas congressman, speaking at a breakfast hosted by the Christian Science Monitor, said, “We think in tax reform we can create incentives for people to save more and save sooner.”
Several hours later, Senate Finance Committee Chairman ORRIN G. HATCH (R-Utah) also said he would oppose Trump’s vow to protect 401(k) plans but that he was open to changes if they made sense. “I’m open to look at anything,” Hatch said Wednesday morning. “I don’t have any problem looking at everything.”
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