Republicans Consider Sharp Cut in 401(k) Contribution Limits
- 7 years ago
Republicans Consider Sharp Cut in 401(k) Contribution Limits
WASHINGTON — House Republicans are considering a plan to sharply reduce the amount of income American workers can save in tax-deferred retirement
accounts as part of a broad effort to rewrite the tax code, according to lobbyists, tax consultants and congressional Democrats.
The proposals under discussion would potentially cap the annual amount workers can set aside
to as low as $2,400 for 401(k) accounts, several lobbyists and consultants said on Friday.
WASHINGTON — House Republicans are considering a plan to sharply reduce the amount of income American workers can save in tax-deferred retirement
accounts as part of a broad effort to rewrite the tax code, according to lobbyists, tax consultants and congressional Democrats.
The proposals under discussion would potentially cap the annual amount workers can set aside
to as low as $2,400 for 401(k) accounts, several lobbyists and consultants said on Friday.