President Trump vowed Monday that the tax break for 401(ok) plans can be saved in place below the administration’s tax reform proposal, regardless of stories on 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.
To offset deficit will increase attributable to tax cuts, some well-liked tax deductions will must be eradicated. For instance, the deduction for state and native taxes is on the chopping block in present discussions.
Associated: 401(ok) contribution restrict will rise to $18,500 subsequent yr
Regardless of Trump’s tweet Monday, there have been quite a few cases the place his guarantees haven’t been born out by precise laws.
There can be NO change to your 401(ok). This has all the time been an ideal and well-liked center class tax break that works, and it stays!
— Donald J. Trump (@realDonaldTrump) October 23, 2017
He promised repeatedly to make no cuts in Medicaid, then pushed for a alternative for Obamacare that may have made sharp cuts in cash for Medicaid. He has repeatedly mentioned that his tax plan would profit center earnings taxpayers and never the rich — although impartial evaluation of the plan exhibits that it’s the rich who stand to profit probably the most.
CNNMoney (New York) First revealed October 23, 2017: 8:19 AM ET
