Making tax reform hurt retirement savers is 'politically dumb' [CNBC]
Churchill Capital Corp V Class A (CCV)
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Source: CNBC
401(k)'s are essential and using tax reform to lower tax deductibles would be politically dumb, says Chris Edwards, Cao Institute director of tax studies. A lower tax deductible would result in people saving less, yet Americans need to be saving way more, says Seth Harris, former acting Labor Secretary under President Barack Obama. Published 1 Hour Ago CNBC.com SHARES show chapters Retirement savings plans known as 401(k)s are essential and using tax reform to alter their tax benefits would be politically dumb, Chris Edwards, Cao Institute director of tax policy studies, said on CNBC Monday. Right now, taxpayers can set aside a certain amount of pre-tax dollars in 401(k) plans each year. For 2017, the limit is $18,000; in 2018, it will be $18,500. Workers age 50 and older can make so-called catchup contributions up to an additional $6,000. Lawmakers have discussed lowering that tax-preferred amount
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