{"id":2083,"date":"2017-11-14T21:50:00","date_gmt":"2017-11-14T21:50:00","guid":{"rendered":"http:\/\/democrats.org\/blog\/2017\/11\/14\/new-republican-tax-plan-targets-retirement-accounts\/"},"modified":"2017-11-14T21:50:00","modified_gmt":"2017-11-14T21:50:00","slug":"new-republican-tax-plan-targets-retirement-accounts","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/new-republican-tax-plan-targets-retirement-accounts\/","title":{"rendered":"NEW: Republican Tax Plan Targets Retirement Accounts"},"content":{"rendered":"

“Now Republicans want to make it harder and more expensive for older Americans to save for retirement. Instead of giving financial security to working Americans, Republicans wrote a tax plan for their campaign donors. The American people deserve better.” – DNC spokesperson Daniel Wessel<\/em><\/p>\n

CNBC<\/a>: Senate tax tweak would curb pretax 401(k) catch-up contributions<\/strong><\/p>\n

By Darla Mercado<\/em><\/p>\n

Workers over age 50 would no longer be able to make catch-up contributions on a pretax basis to their retirement plans under a new amendment to the GOP's Senate version of the tax bill.<\/p>\n

Orrin G. Hatch, chairman of the Senate Finance Committee, filed the amendment<\/a> to the bill on Monday.<\/p>\n

The full text of the bill is here<\/a>, and amendments are here<\/a>.<\/p>\n

This amendment would permit workers over age 50 to contribute up to an additional $9,000 each year to their retirement plans, but it would require that these contributions be made to Roth accounts. Those are accounts where taxes are paid upfront.<\/p>\n

Currently, employees over age 50 can contribute up to $6,000 in additional savings each year to their 401(k) plan and do so on a pretax basis. That's on top of the current annual $18,000 limit.<\/p>\n

(MORE<\/a>)<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

“Now Republicans want to make it harder and more expensive for older Americans to save for retirement. Instead of giving financial security to working Americans, Republicans wrote a tax plan for their campaign donors. The American people deserve better.” – DNC spokesperson Daniel Wessel CNBC: Senate tax tweak would curb pretax 401(k) catch-up contributions By <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2083","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nNEW: Republican Tax Plan Targets Retirement Accounts - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/new-republican-tax-plan-targets-retirement-accounts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2017-11-14T21:50:00+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/new-republican-tax-plan-targets-retirement-accounts\/\",\"url\":\"https:\/\/democrats.org\/news\/new-republican-tax-plan-targets-retirement-accounts\/\",\"name\":\"NEW: Republican Tax Plan Targets Retirement Accounts - 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