WASHINGTON – President Donald Trump vowed on Monday to protect a popular retirement savings program, pledging to leave it untouched in the forthcoming Republican tax overhaul plan.
Mr. Trump, in a tweet, shot down an idea that had been circulating in Washington policy circles and worrying the retirement-savings industry: limiting pretax contributions to retirement accounts.
“There will be NO change to your 401(k),” the president wrote on Twitter. “This has always been a great and popular middle class tax break that works, and it stays!”
Mr. Trump’s comments point to a challenge Republicans face as they race to write and pass a tax plan: They have ambitious targets for rate cuts and a self-imposed $1.5 trillion limit on the size of the tax cut over the decade.
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