True, although young people should be FAR more concerned about the pace of federal SPENDING than tax reform.  It's the spending that determines what they'll have to pay.  Bigger government means more taxation to pay for it, and vise versa. 

The reduction in tax-deferred 401(k) contributions probably makes sense.  It's a form of tax break (actually a tax delay but with some of the same effects). The purpose is to encourage more people to save for retirement. It's a good goal, but like SS it should be capped at a modest level. People with more money can (and do) save beyond that in other accounts that aren't tax-deferred, so there's still ample places to save. Really no need to give that tax break beyond a modest level (although $2400/yr is a little TOO modest, IMO).  Maybe more like $10k/yr.