Congress eyes 401(k) money
One thing Brady offered some sideways clarity on: Republicans’ plan to pay for cuts in part by reducing the cap on money Americans can put in retirement savings accounts annually. President Trump came out strongly against that part of the plan in a Monday tweet.
But Brady declined to endorse the president’s pledge, suggesting the GOP plan will include the reductions anyway.
“We think in tax reform we can create incentives for people to save more and save sooner,” Brady said. “We are continuing discussions with the president.”
Brady also wouldn’t say that no Americans would see their income taxes rise if the Republican plan passes, although he did argue that “every American will be better off because of the simpler fairer tax code that lowers those rates and improves their paychecks.”
“The benefits of tax reform is now in keeping more of what you earn,” Brady said. “It’s in getting those paychecks moving again, growing again, which essentially had been stagnated for a decade or more.”