The tax treatment of contributions to retirement savings plans has been left unchanged in the Senate mark-up of a tax reform bill, according to a document from the Senate Finance Committee.
Senate lawmakers had been considering limiting the pre-tax contributions allowed in 401(k)s and IRAs to help offset the cost of lower corporate and individual tax rates.
The Senate version of tax reform will eliminate all deductions on state and local taxes, going further than the House version of the Tax Cuts and Jobs Act that passed out of the Ways and Means Committee today.
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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.
