Senate Republicans "may be considering" tapping 401(k) deferrals in the version of a tax reform bill scheduled for release on Thursday, according to a statement on Democratic Senator Patrick Leahy's website.
Leahy and 15 other Senate Democrats sent a letter to the leadership of the Senate Finance Committee, saying any reform that would eliminate or "drastically limit" the deductions for contributions to 401(k) plans is "unacceptable."
The House GOP bill being marked up this week did not include lower caps on pre-tax income that can be deferred to retirement savings plans. Lawmakers on the Ways and Means Committee had reportedly been considering capping pre-tax deferrals at $2,400.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
