Trump's promises narrow GOP's options on tax bill
By Damian Paletta and Mike DeBonis October 23 at 8:01 PM
Republicans are accelerating efforts to fill in key details of their plan for massive tax cuts, but as lawmakers work to turn their proposal into legislation, President Trump’s numerous tax promises are proving difficult to keep.
On Monday, Trump promised the party would not touch tax benefits for 401(k) retirement plans, protecting a popular benefit for more than 50 million Americans but also further limiting the areas where Republicans could seek to raise new revenue.
His vow to protect 401(k) plans, made in a Twitter post, comes just days before House Republicans are planning to introduce a bill that would dramatically slash corporate tax rates, consolidate tax brackets for families and individuals, and eliminate the alternative minimum tax and estate tax.
in Brady (R-Tex.), who chairs the House Ways and Means Committee and is leading initial drafting of the tax legislation, is expected to release the bill as soon as next week and told reporters it remains on track. But he declined to make a firm commitment on timing and said Republicans had not yet made key decisions, such as whether to add an additional income tax bracket for high earners and on how to implement a planned estate tax repeal.
“I want to get this to the president’s desk by the end of the year, and we’re on a schedule to do that,” Brady said.
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https://www.washingtonpost.com/business/economy/trumps-promises-narrow-gops-options-on-tax-bill/2017/10/23/316331b2-b80e-11e7-be94-fabb0f1e9ffb_story.html
