Sen. Hatch to offer amendment cutting tax incentives for 401(k) contributions

Sen. Orrin Hatch, R-Utah, chairman of the Senate Finance Committee, will introduce an amendment eliminating the current tax treatment for pretax 401(k) catch-up contributions. The amendment will raise the catch-up limit for people 50 and older but will tax the contributions when they are made and will classify them as Roth 401(k) contributions.

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