President Donald Trump pledged Monday morning via Twitter that there would be no changes to 401(k) retirement savings plans as Republicans in Congress pursue an overhaul of the tax code.
Actual text of a tax overhaul bill hasn't been written, much less become public. Members of Congress haven't reached consensus on what cuts to make or where to make them. Trump signaled that tweaks are still being made.
On Sunday, Trump raised expectations about the timetable for completing tax reform, indicating that he expects the as-yet unwritten overhaul of the tax code on his desk by Thanksgiving.
"I want to get it by the end of the year, but I'd be very disappointed if it took that long," he said on Fox's "Sunday Morning Futures With Maria Bartiromo." He said lawmakers should forgo their Thanksgiving break if they can't send him a measure by then.
The tax plan Republican leaders and the White House have laid out calls for reducing tax rates on corporations from 35 percent to 20 percent, and consolidating individual tax rates to 12 percent, 25 percent, 35 percent and possibly one higher bracket for the wealthy. Income brackets for those rates have yet to be set.
