Schumer Statement on Republican Proposal to Hike Taxes on Americans Saving for Retirement

October 20, 2017

Washington, D.C. – U.S. Senator Chuck Schumer today released the following statement in response to a report indicating the GOP tax proposal may include a cap on the amount of pretax money families can contribute to retirement plans:

“Republicans are so determined to cut taxes on the wealthy that they're willing to tax the retirement accounts of millions of middle class Americans. The GOP’s total devotion to millionaires and billionaires comes at the expense of every family using a 401k to save for a decent retirement.”