Proposals floating around Washington to cap the amount that Americans can contribute before taxes to 401(k) plans and individual retirement accounts are unsettling professionals in the retirement industry. Republicans are looking for ways to generate revenue to support broad reductions in individual tax rates. One idea is to limit the amount of pretax money households can sock away for retirement saving. Such a move would likely generate significant political blowback but it hasn't been explicitly ruled out, stirring worry among industry lobbyists. Members of the House Ways and Means Committee are widely expected to release a version of the tax bill by mid-November. Specifics on a wide range of issues remain unclear. Emily Schillinger, a spokeswoman for the Ways and Means Committee, declined to comment. read more
Senate Republicans overcame internal divisions late Thursday to approve a 2018 budget that will increase the deficit by $1.5 trillion over 10 years to allow for President Trump's proposed tax cuts.
Passage of the GOP's budget blueprint is a largely symbolic exercise, but it sets the stage for smoother passage of Trump's upcoming tax cuts. It will include special instructions that allow for passage of a tax plan by a simple majority, without threat of a Senate filibuster to block it.
At the White House, Trump had been confident of the result earlier in the day and predicted it was a sign that his tax plan would also succeed. "Frankly, I think we have the votes for the tax cuts, which will follow fairly shortly thereafter," he said. read more
President Obama stood outside the room, rubbed sanitizer on his hands, set his face into a smile and knocked on the door. No one answered. He looked at the hospital floor, polished to a sheen, and knocked again. Still no answer. So Mr. Obama turned the knob and gently pushed his way inside. "Hello? Jeremy, what's going on?" Maj. Jeremy Haynes remembers the president saying as he came into his room at Walter Reed National Military Medical Center two years ago. It was the first of several visits the president paid Major Haynes, an Army officer who was told he would never walk, feel below his waist or have children again after his spine was hit by a Taliban bullet in Afghanistan. The visits, Major Haynes said, "were truly inspiring to me" and gave him hope for the life ahead of him. read more
Charles M. Blow: It must be cold and miserable standing in the shadow of someone greater and smarter, more loved and more admired. It must be infuriating to have risen on the wings of your derision of that person's every decision, and even his very existence, and yet not be able to measure up -- in either stratagem or efficacy -- when you sit where that person once sat. This is the existence of Donald Trump in the wake of President Barack Obama. Trump can't hold a candle to Obama, so he's taking a tiki torch to Obama's legacy. Trump can't get his bad ideas through Congress, but he can use the power of the presidency to sabotage or even sink Obama's signature deeds. read more
Insurance premiums for plans sold on Pennsylvania's ObamaCare exchange will increase by an average of 30.6 percent for 2018, primarily because of President Trump's decision to stop paying key subsidies, the state's insurance department said. If Trump had decided to continue making the cost-sharing reduction payments, projections showed a much more modest premium increase of 7.6 percent. "It is with great regret that I must announce approved rates that are substantially higher than what companies initially requested," Acting Commissioner Jessica Altman said in a statement. read more