WASHINGTON, D.C. (AP) — The Latest on President Donald Trump (all times local):
President Donald Trump says there will be "NO change" to tax incentives for 401(k) contributions.
Trump says on Twitter Monday: "There will be NO change to your 401(k). This has always been a great and popular middle class tax break that works, and it stays!"
The president appeared to be responding to a recent report in The New York Times that Republican lawmakers were considering limiting the amount workers could save in 401(k) retirement accounts. Those savings are not taxed until retirement.
About 55 million U.S. workers hold some $5 trillion in their 401(k) accounts.
House Republicans leaders are hoping to pass a budget bill this week so they can turn their attention to tax reform. In a conference call, President Donald Trump personally urged House GOP members to pass the tax package or face political failure in 2018.
He said it is crucial for Congress to pass what he described as historic tax cuts.
The Senate last week passed a budget that includes rules that will allow Republicans to get tax legislation through the Senate without Democratic votes. House Republican leaders are emphasizing the need for the House to pass the Senate budget to avoid negotiations between the two chambers that could slow the process
Republicans are anxious to rack up a legislative win after a series of embarrassing failures.