Top U.S. House tax writer floats tax bill on retirement plans, IRS
A Republican Kevin Brady who will soon step down as chairman of the U.S. House of Representatives tax committee late on Monday released a sweeping, nearly 300-page tax bill that he said would affect Americans’ retirement savings, numerous business tax breaks and redesign the Internal Revenue Service.
As a result of November elections, Brady is expected to be replaced as committee chairman in January by Democratic Representative Richard Neal.
The 297-page text of the bill covers tax breaks for fuel cell cars, energy efficient homes, race horses, mine safety equipment, auto race tracks and many other items, as well as retirement savings plans such as 401(k)s and individual retirement accounts (IRAs).
According to Brady, the bill also “includes some time-sensitive technical corrections” to the 2017 bill that Trump signed into law.
Original Story at Reuters.