Senate Republicans "may be considering" tapping 401(k) deferrals in the version of a tax reform bill scheduled for release on Thursday, according to a statement on Democratic Senator Patrick Leahy's website.
Leahy and 15 other Senate Democrats sent a letter to the leadership of the Senate Finance Committee, saying any reform that would eliminate or "drastically limit" the deductions for contributions to 401(k) plans is "unacceptable."
The House GOP bill being marked up this week did not include lower caps on pre-tax income that can be deferred to retirement savings plans. Lawmakers on the Ways and Means Committee had reportedly been considering capping pre-tax deferrals at $2,400.
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