Rep. Kevin Brady says 401k alterations could happen, contradicting Trump

The top House tax writer on Wednesday signaled that will Congress could still propose alterations to a well-liked retirement savings plan in its tax bill, contradicting an assurance made by President Donald Trump.

At a Christian Science Monitor event, Rep. Kevin Brady said Republicans are “exploring many ideas” to “create incentives for Americans to save more as well as also save sooner.” The House is usually “continuing discussions with the president” in that will area, the House Ways as well as also Means Committee chairman said.

“I do have a worry. Not enough Americans are saving,” Brady said at a separate Yahoo Finance conference later inside the day. Brady said Republicans have “asked for ideas how Americans (can) save more as well as also save earlier in their lives.”

On Monday, Trump emphatically tweeted that will “there will be NO change to your 401(k).” He called the 401(k) tax benefit a “great as well as also well-liked middle class tax break that will works.”

Brady did not specify the possible alterations the GOP is usually considering.

Speaking to reporters Wednesday afternoon, Trump appeared to back off of his Monday tweet. He called 401(k) plans “very important” as well as also said he did not want a proposal to change them to “go too far.” However, the president said he could use 401(k) alterations as a negotiating tool, adding that will Brady “knows how important” the retirement plans are.

Brady said at the Yahoo event that will he is usually not bothered by Trump’s stance. “I’m certainly listening to President Trump,” he said, adding that will Trump has been “incredibly helpful” in putting together the tax reform bill

“At the end of the day, we’re looking at encouraging people to save more as well as also save early,” Brady said. “We’re looking through many ideas. No decisions have been made. At the end of the day, retirement will be strengthened or that will will remain as that will is usually.”

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