Americans now say they approve of free trade by 64%-27%, a margin of better than two to one. That's up from 57%-37% early in Trump's presidency, and 51%-41% near the end of...Politicsread more
The yield on the benchmark 10-year Treasury note briefly fell below the 2-year rate on Wednesday, a phenomenon in the bond market known as yield curve inversion, which is...Marketsread more
Experts say the timing of Amazon executives' contributions to Rep. David Cicilline likely reflect the company's heightened urgency over growing regulatory scrutiny.Technologyread more
The MacBook Pro recall and its subsequent ban from flights underscores the increasing brand risk from problems with lithium-ion batteries.Technologyread more
CNBC combed through Wall Street research to see which stocks are still a buy after their earnings reports.Marketsread more
Fraud investigator Harry Markopolos' accusations extended beyond GE's management to actuaries, auditors and analysts who he claims overlooked billions in liabilities.Marketsread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
Bianco Research's James Bianco suggests Wall Street is desperately looking for a signal that a 50 basis point cut is coming next month.Trading Nationread more
The company's S-1 lays the groundwork for what is widely expected to be one of the largest initial public offerings of the year, second only to Uber's IPO in May. It's also...Technologyread more
President Donald Trump held a call on Wednesday with the CEOs of three major U.S. banks, according to people with knowledge of the situation.Marketsread more
Trump's tweet comes a day after Apple put out a press release describing the money it spends on U.S.-based suppliers and vendors.Technologyread 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.