One of the proposals in the Trump administration’s tax reform is to tax the retirement plan contributions of workers up front in order to give the wealthy a tax cut.
The idea was reported last month by Politico who stated:
“One idea quietly being discussed would be taxing the money that workers place into their 401(k) savings plans up front: an idea that would raise billions of dollars in the short-term and is pulled from the Camp plan. This policy idea is widely disliked by budget hawks, who consider it a gimmick; the financial services industry that handles retirement savings; and nonprofits that try to encourage Americans to save.”
This is Donald Trump and his administration’s plan to take money away from hard working Americans in order to give a tax break to the top 1%.
This is something many worried about when Trump became president. His plans are only beneficial to the wealthy and corporations.