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The 401(k) debacle proves why sweeping tax reform will be hard to pass, Cramer says [CNBC]

COMCAST CORP (CCV)  More Company Research Source: CNBC
US:NYSE Investor Relations: cmcsa.com/investors
PDF show chapters While the chances of lawmakers drastically cutting 401(k) contribution limits are slim, CNBC's Jim Cramer still doubled down on why the cuts would be especially harmful to the middle class. The whole point of a 401(k) plan is that your contributions are tax-deductible up to $18,000 a year. They want to slash that to $2,400? It's hard to imagine a less popular way to pay for the massive tax cuts that President [Donald] Trump assures us [will] make our companies more competitive while helping the middle class, the Mad Money host said. But if you neuter 401(k)s, then really, you're just punishing individuals who save in order to give corporations a tax break. Well, that's just crazy, he added. After The Wall Street Journal reported that GOP lawmakers considered slashing 401(k) contributions as a part of tax reform, Cramer went on NBC's TODAY on Monday to explain why the cuts would negatively affect consumers. Shortly thereaft [Read more]

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