White House Blog Reiterates Protection for Retirement Savings
In a White House blog entry posted late on April 26, National Economic Council Director and chief economic advisor to President Trump Gary Cohn reiterated his earlier comments that retirement savings will be protected as tax reform proceeds.
In the entry, “President Trump Proposed a Massive Tax Cut. Here’s What You Need to Know,” Cohn says, “We are going to eliminate most of the tax breaks that mainly benefit high-income individuals. Home ownership, charitable giving, and retirement savings will be protected — but other tax benefits will be eliminated.”
Earlier in the day, Cohn had made the same remarks concerning retirement savings. Neither assurance specified, however, how that principle would be applied. American Retirement Association CEO Brian Graff has commented, “We’re very glad that the importance of retirement savings was specifically mentioned,” and noted that “this is the beginning, not the end,” of the tax reform process. Graff cautioned that “we need to remain vigilant. Let’s remember that it’s Congress that writes the tax law, not the president. This show is far from over.”
Cohn called this “a once-in-a-generation opportunity to do something big,” and called the reform proposal “the most significant tax reform legislation since 1986 – and one of the biggest tax cuts in American history.”