Cantwell, Dem Colleagues Urge GOP not to Damage Retirement Options for Middle Class

As Republicans Prepare Tax Plan, They Have Failed to Commit to Sparing Programs Millions of Americans Rely on for Retirement

WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), a senior member of the Senate Finance Committee, joined Senate Democratic Leader Charles E. Schumer, Senate Finance Committee Chairman Ron Wyden (D-OR), and Senators Debbie Stabenow (D-MI) and Sheldon Whitehouse (D-RI) to push Republican leaders to protect millions of working families whose futures depend on the ability to save with retirement accounts.

The Trump Administration and many Republican members have failed to assure Americans that, as part of their tax reform effort, 401(k) plans and other retirement savings options will be unaffected.

The Senators said every American has a right to retirement security, and any attempt to cut savings for hardworking Americans to pay for a tax giveaway to the wealthy is no plan at all.

“We owe it to workers to make sure that they can invest and they can save for their future. The Republican plan of taxing 401(k)s or limiting tax-free contributions will only make it harder for people to save. We should not be taxing working people to pay for tax cuts for big corporations,” said Senator Cantwell. “We need to be instead encouraging people to save through incentivizing investments in 401(k)s, annuities, and other retirement products… not cutting taxes for the wealthiest Americans while putting the burden on working families.”