Saturday, 25 November, 2017

Trump and US House tax lawmaker reopen door to 401(k) changes

Millennials coachella concert goers california Scott Roth AP
Lillian Steele | 28 October, 2017, 01:16

"Tax reform will determine the direction of the S&P 500's next 100 points", the report said. It would be one of several measures aimed at offsetting lost revenue under sweeping tax cuts planned by President Donald Trump and the Republican leadership in Congress.

"We've been working on this all year" Ryan said at a Reuters Newsmaker event Wednesday morning, adding House lawmakers spent time on the front end to get on the same page as the Senate and the White House.

Sen. Lindsey Graham said if Republicans do not pass a tax reform bill, they will lose their House majority.

"I must say that we have fooled ourselves for long enough that a pivot to governing is right around the corner, a return to civility and stability right behind it", Flake said on the Senate floor.

While the Trump tax plan has yet to have been fully disclosed to Congress, what is known of it so far includes the elimination of the federal income-tax deduction for paying state and local taxes (SALT), including property tax deductions. Denying America's most successful citizens this trade off will entice them to deploy every Beltway-based lobbyist, lawyer and arm-twister to shield each wretched crevice in the U.S. Tax Code.

Because of its importance to areas with higher state and local taxes, members from those areas are resistant to repealing the SALT. Nonetheless, Washington has this deduction in its crosshairs because eliminating it raises $1.6 trillion over 10 years that tax writers can use to fund other tax breaks, some of which have nothing to do with the middle class. Twelve Republicans from the high-tax states of New York, New Jersey and Pennsylvania, where many voters stand to be hit hard if the deduction were eliminated, voted against the budget. "This has always been a great and popular middle class tax break that works, and it stays!" "We ought to be beefing up the savers' credit more like a match that would target the tax resources to the people who need the most amount of help". Brady said he and Trump had discussed 401 (k) s twice in recent days, which would be after Trump's tweet on the subject. The skirmish over retirement savings and also about cutting an acceptable deal with lawmakers elected from SALT or high tax states. Over the years, companies realized they could save a lot of money by dropping pensions, which guarantee a certain payout in retirement, and shifting to 401 (k) plans, which require workers to shoulder the burden of saving their own money and investing it wisely. Indeed, few people consider themselves wealthy even when they bring in far more than the median United States household income of $59,000.

Graham said not passing a tax bill would probably lead to "the end of the Republican Party as we know it". Jeff Flake, to quiet life outside of elected politics, the defection on such a large bill by 20 Republicans is a cause for celebration for Democrats and a warning sign to Republicans that some in their party may have the guts to just say no to a president and party that wants to upend the nation for the sake of upending establishment politics.

The Trump administration tax framework calls for consolidating the current system of seven brackets into three.

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