O’Halleran Urges Congressional Leaders to Protect 401(k) Contribution Limits
WASHINGTON, DC – Today, following reports that President Trump was open to altering 401(k) contribution limits, Congressman Tom O’Halleran (AZ-01) urged Speaker Ryan and other Congressional Leaders to bring forward bipartisan tax reform that does not limit retirement saving for Americans and protects 401(k) contributions.
“The proposal to limit tax-free 401(k) contributions is a completely misguided and hurried attempt to cover the costs of partisan tax reform,” said Rep. O’Halleran. “We should not be raiding the retirement plans that millions of Americans rely on every day. It is time for Republicans and Democrats to sit down and work on a responsible tax reform plan that brings relief to middle-class Americans and small business owners.”
Currently, workers can contribute up to $18,000, tax-free, to a 401(k) account. Earlier this week, Ways and Means Chairman Kevin Brady suggested that the Republican tax reform proposal could cap those tax-free contributions at $2,400. President Trump has equivocated in recent days on his opposition to 401(k) changes.