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News Thursday, Apr 27 2017

Spicer and Mnuchin Suggest Trump is Coming for Retirement Savings

Apr 27, 2017

At today’s White House press briefing, Press Secretary Sean Spicer casually announced that Trump’s tax plan will not protect tax deductions for 401(k) retirement savings accounts:

“The current plan right now both protects charitable giving and mortgage interest, and that’s it.”

Spicer was doubling down on a statement from Treasury Secretary Steve Mnuchin at yesterday’s briefing where he said, “we are going to eliminate on the personal side all tax deductions other than mortgage interest and charitable deductions.”

Regardless of whether or not the White House tries to clean this up, it’s clear that the administration has one overarching goal: to slash taxes for those at the very top no matter who gets hurt. And it’s just one more reason why the White House’s two page tax “plan” is grossly insufficient.

American Bridge Vice President Shripal Shah issued the following statement:

“The White House can’t paper over the truth: Trump’s tax plan is a punch in the gut for hardworking families saving to secure a stable retirement. We know Trump’s tax plan will disproportionately benefit the wealthiest Americans, and now it looks like he’s willing to throw seniors under the bus to pay for massive tax cuts for billionaires.”

Published: Apr 27, 2017

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