Trump Promises 401Ks Won’t Change
WASHINGTON, D.C. (AP) – President Donald Trump says there will be “NO change” to tax incentives for 401(k) contributions.
Trump says on Twitter Monday: “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!”
The president appeared to be responding to a recent report in The New York Times that Republican lawmakers were considering limiting the amount workers could save in 401(k) retirement accounts. Those savings are not taxed until retirement.
About 55 million U.S. workers hold some $5 trillion in their 401(k) accounts.