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Rep. Kevin Brady, R-TX, chair of the Ways and Means Committee, confirmed to BenefitsPRO that Universal Savings Accounts, which would allow all Americans to invest after-tax dollars up to an annual limit in accounts that could be used for any savings purpose, are being considered.(Photo: Shutterstock)

As tax writers on the House Ways and Means Committee prepare to release the first public version of a tax reform bill tomorrow, two veterans of tax and budget law in Congress can be added to the growing list of those with severe reservations over a proposal that would limit deductions on 401(k) plans.

“This is not an area where the public is clamoring for change,” said Carolyn Smith, a benefits and tax attorney with Alston & Bird.

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.

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