On November 2nd, House Ways and Means Committee Chairman Kevin Brady (R-TX) introduced the Tax Cuts and Jobs Act, which is legislation to overhaul America’s tax code for the first time in 31 years.
Here are a few of the highlights of the Tax Cuts and Jobs Act for individuals and families:
The 401(k) deduction has been a part of the discussions involving tax reform for months as a way to help pay for the tax cut. This legislation preserves the 401(k) and other employer-sponsored retirement plans as a means of retirement savings.