(Newsmax) - President Donald Trump promised Monday that "there will be NO change to your 401(k).
His message on Twitter shortly before 8 a.m. addresses widespread concern that his tax plan would drastically reduce tax breaks by lowering the cap on pre-tax contributions made to self-funded retirement savings plans.Trump’s declaration is the first time he has weighed in specifically on this portion of the tax overhaul debate. Republicans had been considering reducing the cap on the annual amount workers can set aside for their 401(k) retirement accounts, according to a New York Times report on Friday.
Workers can currently put as much as $18,000 in those accounts each year without paying taxes up front.
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