GOP/HOUSE OF REPS/TAXES: “Republicans are still weighing adjustments to a popular retirement savings program, the chief of the House tax writing committee said Wednesday [10-25-17], contradicting President Donald Trump’s statement this week that it would be unchanged in the forthcoming tax overhaul proposal.
Ahead of next week’s release of the House GOP tax overhaul bill, House Ways and Means Committee Chairman Kevin Brady (R., Texas) also said House Republicans were still discussing changes to the state and local tax deduction, and said he was hopeful that they would reach a compromise with lawmakers from high-tax states.
Mr. Brady’s remarks at a breakfast hosted by the Christian Science Monitor indicated that many aspects of the tax code were still in play just days before Republicans plan to release their proposal for rewriting it. Mr. Brady said Tuesday that he planned to unveil the tax bill Nov. 1 if Republicans adopt a budget as planned on Thursday.
On Monday, Mr. Trump in a tweet promised to leave untouched the 401(k) retirement savings program, shooting down an idea that had been circulating of limiting pretax contributions to retirement accounts.”
-Kristina Peterson and Richard Rubin, “GOP House Tax Chief: Changes to 401(k) Are Still on the Table,” The Wall Street Journal online, Oct. 25, 2017 10:57am