Schumer: That President Trump And Republicans Have Even Considered 401k Tax Shows How Backwards Their Plan Is

October 23, 2017

Washington, D.C. – U.S. Senator Chuck Schumer today delivered remarks on the Senate floor underscoring how the GOP tax plan would disproportionately advantage the wealthy over the middle class:

“The Republicans are so wedded to their desire to give a massive tax break to big corporations and the super-rich, which will blow up the deficit even in their fake math models, that they're searching for new ways to sock it to the middle classes to make up the difference. First, Republicans debated eliminating the mortgage deduction. Then they included the provision to eliminate state and local deductibility. And recently, there have been reports that some Republicans want to cap America’s pre-tax contributions to their 401k's. Now President Trump tweeted this morning that we're not going down that road. But the fact that Republicans were even considering raiding America's retirement savings to pay for a giant tax cut for corporations, states, shows just how backward their plan is.”