Analysts say the partial U.S.-China trade deal doesn't touch on thorny issues plaguing both sides, and warn talks could break down again.World Economyread more
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Economists polled by Reuters had expected Chinese exports denominated in the U.S. dollar to fall by 3% and imports to decline by 5.2% in September, compared to a year ago.China Economyread more
The U.K. and EU are gearing up for what could be the busiest week in British politics since June 2016.Europe Politicsread more
"It seems like what the two leaders have done is try to set some of the thorny political issues to the side," said Dhruva Jaishankar, director of the U.S. Initiative at the...Asia Politicsread more
The U.S. had plans to hike duties on at least $250 billion in Chinese goods to 30% from 25% on Tuesday. Despite the partial trade deal, some banks on Sunday wrote that tariff...Marketsread more
The industry has pulled in $322 billion over the past six months, the fastest pace since the second half of 2008.Marketsread more
The United States has cleared the final procedural hurdle in order to impose tariffs on billions of dollars of European products later this month.World Economyread more
A technical recession occurs when there are two consecutive quarters of economic contraction.Asia Economyread more
"Deepfakes" are being used to depict people in fake videos they did not actually appear in, and can potentially affect elections, diplomacy and how markets move, experts say.Technologyread more
Chinese President Xi Jinping warned on Sunday that any attempt to divide China will be crushed.China Politicsread more
Retirement savings plans known as 401(k)s are essential, and using tax reform to alter their tax benefits would be "politically dumb," Chris Edwards, Cato Institute director of tax policy studies, said on CNBC Monday.
Right now, taxpayers can set aside a certain amount of pre-tax dollars in 401(k) plans each year. For 2017, the limit is $18,000; in 2018, it will be $18,500. Workers age 50 and older can make so-called catch-up contributions up to an additional $6,000.
Lawmakers have discussed lowering that tax-preferred amount to as low as $2,400 in order to boost revenue to support tax reform, according to published reports.
That kind of change would affect a lot of taxpayers. Three-quarters of Americans contribute more than $2,400 per year, Seth Harris, former acting secretary of Labor under President Barack Obama, told CNBC Monday.
Edwards said on CNBC's "Power Lunch" that 401(k)s are "an essential part of financial security for tens of millions of Americans."
"[The government is] signaling here to Americans that tax reform could be a danger to them, which is really politically dumb," he said. "There's no economic advantage to reducing 401(k) – putting these limits on."
Harris said a lower pre-tax contribution limit would result in people saving less, at a time when Americans need to be saving substantially more.
"Fewer than a quarter of the people in the Baby Boomer generation, which is the generation that's retiring right now, feel that they're going to have enough money to support them for the rest of their lives," he said. "We need to increase savings and increase the tax protection of savings so that those folks can stay in the middle-class once they're in retirement."
Instead of reducing the tax break on 401(k)s, Edwards suggests a different move.
"I think instead, we ought to take Roth IRAs and expand them and supercharge them into things called universal savings accounts," he said. "This is what Britain and Canada have done. ... They would expand savings opportunity, rather than cutting back."
"There will be NO change to your 401(k). This has always been a great and popular middle class tax break that works, and it stays!" Trump said in a tweet.
— CNBC's Evelyn Cheng and Sarah O'Brien contributed to this report.