WASHINGTON — The head of the House tax-writing panel isn’t ruling out changes to the 401(k) retirement program to raise revenue for tax cuts. It’s a potential break with President Donald Trump.
Ways and Means Committee Chairman Rep. Kevin Brady says he’s discussing the 401(k) issue with Trump, who has shot down the possibility of changes to the popular savings program. Trump promised in a tweet Monday that it will be untouched.
Republican lawmakers have been considering changes to the 401(k) structure, such as limiting the amount of tax-deferred contributions employees can make, as a way to help finance tax cuts in major legislation.
“We’re working very closely with the president,” Brady, R-Texas, told reporters Wednesday at a Christian Science Monitor breakfast.