https://apnews.com/10a7e7d77ff442399b706ce121f8ae66/House-GOP-moves-to-pass-budget,-start-tax-debate
401K tax hike back on the agenda:
A battle over tax-free contributions to retirement accounts has also broken open, and Republican tax writers have yet to lock down dozens of crucial details on tax rates and preferences.
State and local tax deduction preserved, because it was in the Senate version:
Republicans view passage of the upcoming tax measure as a career-defining dream, and its importance has only grown in the wake of the party’s debacle on health care. But the tax plan’s popularity is not a given with voters, and fissures among Republicans already threaten to slow the measure.
They now move behind closed doors (previously called the "smoke filled rooms").
As I said, hold onto your wallets.
Ways and Means Committee Chairman Kevin Brady, R-Texas, said immediately after the vote that he’ll release the tax measure on Nov. 1 and a panel vote is expected the week of Nov. 6 in hopes of a House vote before Thanksgiving. That timetable is ambitious as numerous details, including ways to raise revenues to help finance cuts to individual and corporate tax rates, remain unresolved.
Oh well, good thing to be a corporation then. Hooray! Sorry middle class. You didn't pay off millions to K Street lobbyists. You get what you pay for.
Here’s a simple tip: where do you think the money in your 401K is invested? Ans, big corporations.