Republican lawmakers from those states “made it clear they need this problem solved before they vote yes on tax reform,” he added. House Republicans, over Mr. Trump’s public objections, are considering changes to the tax treatment of retirement accounts, including potentially lowering the pretax amounts that Americans may contribute to their 401(k) accounts each year. A budget blueprint passed by the House earlier this month called for a more aggressive approach on deficits and spending cuts. In addition to laying the groundwork for a tax bill, the House’s plan would have instructed committees to come up with at least about $200 billion in savings. But the House ultimately agreed to approve the Senate version of the budget to speed the tax overhaul effort.

Source: New York Times October 26, 2017 15:02 UTC