Chuck Schumer is speaking in absolute terms.  Democrats like Hillary and many others want to raise taxes, not lower them.  The tax plan has not yet been finalized and there is room for constructive input.  This would eliminate Schumer.  The power of the purse is high.  With less money, there would have to be less pork in budgets and less control for spending projects.  Taxpayers would find more to spend and save.  This respondent hopes the 401K programs are left alone as is.  It makes no sense to decrease a person's ability to deposit tax-free contributions for their own retirement.  Last, if Schumer thinks this plan is bad, then it must be good for ordinary Americans.