Rep. Kevin Brady said Friday that Republicans actually want to increase contributions to retirement plans in their tax proposal.
“I talked to the president twice this week,” the Texas Republican said on Fox News. “We want to increase the amount that you can give to your 401(k) or IRA — for 401(k)s up to $20,000 or more — and we want to create incentives.”
Mr. Brady, who chairs the Ways and Means Committee, is a leading player in drafting the tax proposal.
Contradicting reports surfaced earlier this week that Republicans intended to reduce limits to retirements plan as a way to make up for revenue lost by cutting other taxes in their new plan. But President Trump quickly pushed back on this idea, saying that 401(k) plans would not change in the new bill.
“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!” Mr. Trump tweeted Monday.
Mr. Brady said that he is talking with the president about a variety of ways to help people “save more and save sooner,” but did not say if the president seemed open to changes in retirement plan contributions.
House Republicans passed the budget Thursday, paving the way for an easier passage of the upcoming tax plan, which they still say will be done by the end of this year.
• Sally Persons can be reached at spersons@washingtontimes.com.
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