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

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"Today is historic in that it opens the door for a once-in-a-generation opportunity to truly reform, simplify and lower the tax burden Kansas families have shouldered for too long", Marshall said.

In the Senate, meanwhile, bad blood between a pair of Republicans and Trump escalated on Tuesday - bringing tumult as the president sought to reach out to senators during a Capitol Hill visit. Lindsey Graham said Friday that if Republicans don't pass tax reform, then Democrats will take back the House of Representatives and attempt to impeach President Donald Trump.

"Maybe it is, and maybe we'll use that as negotiating", Trump said during an impromptu news conference as he left the White House for a trip to Texas.

The 401 (k) is hardly a ideal retirement savings vehicle. But with 20 Republicans voting no, including some in high-tax states who were anxious that Trump's plan to end certain tax breaks would harm their constituents, the vote was a nailbiter.

Johnson, R-Oshkosh, told CNN in a Thursday interview that "I wouldn't touch" 401 (k) plans because Americans should be encouraged to save more for retirement.

Every organization representing state and local governments and public service providers, including both Republicans and Democrats, opposes the elimination of SALT as part of tax reform.

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The Republicans are straining to find new revenue sources to pay for anticipated tax cuts exceeding $1 trillion.

"This Republican budget is nothing more than a laundry list of broken promises", said Ryan, who made a failed attempt to unseat House Minority Leader Nancy Pelosi of San Francisco earlier this year. He called the 401 (k) tax benefit a "great and popular middle class tax break that works". Kevin Brady said that he would like changes to "help people save more, sooner".

"I think it will discourage retirement saving", says Matthew Rutledge, a research economist at the Center for Retirement Research at Boston College. Besides voters, the 401 (k) is also beloved by the puissant financial services industry because it increases the amount of money they get to manage and collect fees on. GOP 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.

"We don't know the brackets", Representative Chris Collins of NY, a Trump ally, told reporters after a Republican conference meeting Tuesday.

Whitehouse, a former Human Resources executive at Johnson & Johnson, is one of many pointing out that the biggest flaw in America's current retirement system is that people aren't saving enough money (if they are saving at all). 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.

Trump's plan, by contrast, would slash taxes for the top tax bracket, repeal the estate tax, and create a huge new loophole by reducing the rate on pass-through entities, allowing wealthy law firms and hedge fund managers to circumvent higher tax rates.

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