House Republicans are moving closer to introducing tax legislation that would make changes to savings accounts that Americans rely on for retirement, education and more.
The House Ways and Means Committee on Thursday provided Republicans with an updated version of what will be included in so-called Tax Reform 2.0, which largely aims to make the tax cuts for individuals permanent (they currently are scheduled to expire at the end of 2025).
It also would lock in changes to tax deductions, including the controversial $10,000 cap on state and local taxes.
Noteworthy proposals affecting savings include:
With details slim and lawmakers still working on the legislation, it's unclear exactly what will end up being included. GOP leaders have indicated they want a floor vote on it this month.
The measure would cost $627 billion over a decade, according to a Joint Committee on Taxation analysis. The first tax bill came with a $1 trillion price tag.