Residents of states like California, Connecticut, New Jersey and New York could face a bigger tax bill with proposed changes to state and local tax and mortgage deductions.
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Right now, workers who have access to 401(k) plans will be able to invest up to $18,500 next year, while participants age 50 and over will be able to put away $6,000 more. Under current rules, investors will not pay taxes on those contributions until a later date.
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President Donald Trump and Congress have tussled this week over what meaningful changes, if any, to these retirement plans should look like. Earlier this week, Trump maintained that rules for contributing to 401(k)s should stay the same.
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