Republicans in the U.S. House of Representatives have introduced a new tax bill that includes sweeping reforms to federal
retirement policy. For proponents of the reforms, the best news may be that the Retirement Savings, and Other Tax Relief Act of 2018 and the Taxpayer First Act of 2018 are being introduced apart from more politically contentious legislation that would make permanent the cuts to the individual tax rates in last year's Tax Cuts and Jobs Act. "This broad, bipartisan package builds on the economic successes we continue to see throughout our country," said
Rep. Kevin Brady, R-TX, outgoing chair of the House Ways and Means Committee, in a statement. "The policy proposals in this package have support of Republicans and Democrats in both chambers. I look forward to swift action in the House to send these measures to the Senate." Moreover, the bill does not include
Universal Savings Accounts, which were advanced in the Family Savings Act, a bill that also included major retirement reforms and passed out of the House in September. Many of the retirement provisions are modeled off the
Retirement Enhancement Savings Act, a bill first introduced by retiring Sen. Orrin Hatch, R-UT, that has bipartisan support in both chambers of Congress. There are 18 scheduled legislative days remaining in the 115th Congress. Lawmakers are expected to take up debate on the bills as early as this week. The slides here show some of the key retirement provisions in the bill.
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