October 25, 2017

Senator Hassan on New Reports that Republican Tax Bill Will Change 401(k) Rules, Undermine Retirement Security for Working Families

WASHINGTON – Senator Maggie Hassan released the following statement on a new report that House Ways and Means Committee Chairman Kevin Brady has not dropped his efforts to change 401(k) rules as part of the Republican tax bill, despite calls from President Trump not to touch this middle class tax break.

“Every American who has worked hard throughout their life deserves the ability to retire knowing that they will be financially secure, and we should be incentivizing – not making it harder – for people to save for retirement. I am extremely concerned that Washington Republicans are using a secretive, closed-door process to target the more than 50 million Americans with active 401(k)s in order to pay for huge tax breaks for big corporations and the wealthiest Americans. While I disagree with President Trump on plenty when it comes to this tax plan, on the issue of 401(k)s I completely agree with his comment that this is a middle class tax break that works and it must not be undermined.”