Trump says popular retirement program will be unscathed in tax planWASHINGTON (Reuters) - President Donald Trump on Monday dismissed the possibility of curbing a popular tax-deferred U.S. retirement savings program to help pay for his sweeping tax cuts, and voiced doubts about adding another top bracket targeting the wealthiest Americans. The potential scaling back of 401(k) plans, which for four decades have helped millions of workers save for retirement, is one of several important details yet to be ironed out in a major tax overhaul that Trump promised as a candidate and wants his fellow Republicans who control Congress to pass by year’s end. The White House and its congressional allies have floated the idea of paring certain tax deductions to make up for revenue that would be lost because of their proposed tax cuts, the centerpiece of which is a sharp reduction in the corporate income tax rate. The Wall Street Journal and the New York Times reported on Friday that Republicans were considering an annual cap of about $2,400 on pre-tax contributions to 401(k) plans, roughly 13 percent of what workers under age 50 currently can contribute on a tax-deferred basis. That would slash the amount of money that workers can save for retirement in 401(k) plans, which typically are invested in a portfolio of mutual funds. “There will be NO change to your 401(k),” Trump wrote on Twitter. “This has always been a great and popular middle class tax break that works, and it stays!” Tampering with 401(k) plans, which have largely replaced defined benefit pensions in the United States, would risk alienating tens of millions of workers as well as Wall Street, which generates fees from managing the plans. Many companies match a percentage of their employees’ 401(k) contributions. It also would provide ammunition to Democrats, who have painted Trump’s plan, with its $6 trillion in tax cuts, as a gift to the rich and corporate America that would balloon the federal deficit. Senator Ron Wyden, the top Democrat on the tax-code writing Senate Finance Committee, criticized Republicans for not making decisions on issues related to middle-class taxpayers, while having already decided to cut taxes for corporations. “I am really struck with how the Republicans are handling this question of retirement accounts, which are a real lifeline for working families and as of this  moment, it is still not clear whether they are going to include a really bad idea that would make it harder for working families to prepare for retirement,” Wyden said.  More than 94 million Americans are covered by defined contribution plans like a 401(k), according to a recent study by asset manager Vanguard. Total assets in such plans exceed $7 trillion. Securing congressional passage of his tax plan is critically important to Trump, who has yet to get major legislation through Congress since taking office in January, including a healthcare overhaul he promised as a candidate last year.  The White House argues that tax cuts are needed to boost economic growth and create jobs, but has shown sensitivity in recent weeks to arguments that it is endangering America’s long-term fiscal health.  Based on the outline of the plan that was unveiled last month, independent experts have concluded that corporations and the highest earners would benefit the most, and many upper middle-income people would face higher taxes. There are signs Republicans may add a fourth income tax bracket for high earners to the tax blueprint, which envisions reducing the number of brackets to three from the current seven. The idea of an additional top tax bracket was floated by Republican House of Representatives Speaker Paul Ryan. In an interview broadcast on Fox Business Network on Monday, Trump appeared to pour cold water on the idea. “It may not happen,” Trump said. “The only reason I would have (it) ... is if for any reason I feel the middle class is not being properly taken care of.” There is also pressure from investors to pass the tax overhaul. The expectation of deep tax cuts has helped fuel a stock market rally during Trump’s first year as president, with the broad S&P 500 index up more than 13 percent. The index hit record highs every day last week, although it retreated on Monday.  “The question becomes what happens if tax reform doesn’t happen in 2017, does the market sell off into the year-end?” said Andrew Slimmon, portfolio manager at Morgan Stanley Investment Management in Chicago. Trump is expected to participate on Tuesday in Senate Republicans’ weekly policy lunch. He said he would press the lawmakers to act on taxes and that he thinks there are enough votes to pass the plan. While its broad parameters have been made public, the detailed legislation has not yet been unveiled. Democrats have urged Trump to include them in the development of the legislation. The Republican blueprint was devised without Democratic input. The last major tax restructuring, Republican former President Ronald Reagan’s 1986 overhaul, received significant input and support from Democrats. politicsNews
trump says popular retirement program unscathed tax planwashington reuters president donald trump monday dismissed possibility curling popular retirement savings program help pay sweeping tax cuts voiced doubts adding another top bracket targeting wealthiest americans the potential scaling back k plans four decades helped millions workers save retirement one several important details yet iron major tax overhaul trump promised candidate wants fellow republicans control congress pass year end the white house congressional allies floated idea parking certain tax deductions make revenue would lost proposed tax cuts centerpiece sharp reduction corporate income tax rate the wall street journal new york times reported friday republicans considering annual cap contributions k plans roughly percent workers age currently contribute basis that would slash amount money workers save retirement k plans typically invested portfolio mutual funds there no change k trump wrote twitter this always great popular middle class tax break works stays tampering k plans largely replaced defined benefit pensions united states would risk alienating tens millions workers well wall street generates fees managing plans many companies match percentage employees k contributions it also would provide ammunition democrats painted trump plan trillion tax cuts gift rich corporate america would balloon federal deficit senator ron widen top democrat writing senate finance committee criticized republicans making decisions issues related taxpayers already decided cut taxes corporations i really struck republicans handling question retirement accounts real lifeline working families moment still clear whether going include really bad idea would make harder working families prepare retirement widen said more million americans covered defined contribution plans like k according recent study asset manager vanguard total assets plans exceed trillion securing congressional passage tax plan critically important trump yet get major legislation congress since taking office january including healthcare overhaul promised candidate last year the white house argues tax cuts needed boost economic growth create jobs shown sensitivity recent weeks arguments endangering america fiscal health based outline plan unveiled last month independent experts concluded corporations highest earners would benefit many upper people would face higher taxes there signs republicans may add fourth income tax bracket high earners tax blueprint envision reducing number brackets three current seven the idea additional top tax bracket floated republican house representatives speaker paul ryan in interview broadcast fox business network monday trump appeared pour cold water idea it may happen trump said the reason i would reason i feel middle class properly taken care there also pressure investors pass tax overhaul the expectation deep tax cuts helped fuel stock market rally trump first year president broad s p index percent the index hit record highs every day last week although retreated monday the question becomes happens tax reform happen market sell said andrew simon portfolio manager morgan stanley investment management chicago trump expected participate tuesday senate republicans weekly policy lunch he said would press lawmakers act taxes thinks enough votes pass plan while broad parameters made public detailed legislation yet unveiled democrats urged trump include development legislation the republican blueprint devised without democratic input the last major tax restructuring republican former president ronald reagan overhaul received significant input support democrats politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Trump says popular retirement program will be unscathed in tax planWASHINGTON (Reuters) - President Donald Trump on Monday dismissed the possibility of curbing a popular tax-deferred U.S. retirement savings program to help pay for his sweeping tax cuts, and voiced doubts about adding another top bracket targeting the wealthiest Americans. The potential scaling back of 401(k) plans, which for four decades have helped millions of workers save for retirement, is one of several important details yet to be ironed out in a major tax overhaul that Trump promised as a candidate and wants his fellow Republicans who control Congress to pass by year’s end. The White House and its congressional allies have floated the idea of paring certain tax deductions to make up for revenue that would be lost because of their proposed tax cuts, the centerpiece of which is a sharp reduction in the corporate income tax rate. The Wall Street Journal and the New York Times reported on Friday that Republicans were considering an annual cap of about $2,400 on pre-tax contributions to 401(k) plans, roughly 13 percent of what workers under age 50 currently can contribute on a tax-deferred basis. That would slash the amount of money that workers can save for retirement in 401(k) plans, which typically are invested in a portfolio of mutual funds. “There will be NO change to your 401(k),” Trump wrote on Twitter. “This has always been a great and popular middle class tax break that works, and it stays!” Tampering with 401(k) plans, which have largely replaced defined benefit pensions in the United States, would risk alienating tens of millions of workers as well as Wall Street, which generates fees from managing the plans. Many companies match a percentage of their employees’ 401(k) contributions. It also would provide ammunition to Democrats, who have painted Trump’s plan, with its $6 trillion in tax cuts, as a gift to the rich and corporate America that would balloon the federal deficit. Senator Ron Wyden, the top Democrat on the tax-code writing Senate Finance Committee, criticized Republicans for not making decisions on issues related to middle-class taxpayers, while having already decided to cut taxes for corporations. “I am really struck with how the Republicans are handling this question of retirement accounts, which are a real lifeline for working families and as of this  moment, it is still not clear whether they are going to include a really bad idea that would make it harder for working families to prepare for retirement,” Wyden said.  More than 94 million Americans are covered by defined contribution plans like a 401(k), according to a recent study by asset manager Vanguard. Total assets in such plans exceed $7 trillion. Securing congressional passage of his tax plan is critically important to Trump, who has yet to get major legislation through Congress since taking office in January, including a healthcare overhaul he promised as a candidate last year.  The White House argues that tax cuts are needed to boost economic growth and create jobs, but has shown sensitivity in recent weeks to arguments that it is endangering America’s long-term fiscal health.  Based on the outline of the plan that was unveiled last month, independent experts have concluded that corporations and the highest earners would benefit the most, and many upper middle-income people would face higher taxes. There are signs Republicans may add a fourth income tax bracket for high earners to the tax blueprint, which envisions reducing the number of brackets to three from the current seven. The idea of an additional top tax bracket was floated by Republican House of Representatives Speaker Paul Ryan. In an interview broadcast on Fox Business Network on Monday, Trump appeared to pour cold water on the idea. “It may not happen,” Trump said. “The only reason I would have (it) ... is if for any reason I feel the middle class is not being properly taken care of.” There is also pressure from investors to pass the tax overhaul. The expectation of deep tax cuts has helped fuel a stock market rally during Trump’s first year as president, with the broad S&P 500 index up more than 13 percent. The index hit record highs every day last week, although it retreated on Monday.  “The question becomes what happens if tax reform doesn’t happen in 2017, does the market sell off into the year-end?” said Andrew Slimmon, portfolio manager at Morgan Stanley Investment Management in Chicago. Trump is expected to participate on Tuesday in Senate Republicans’ weekly policy lunch. He said he would press the lawmakers to act on taxes and that he thinks there are enough votes to pass the plan. While its broad parameters have been made public, the detailed legislation has not yet been unveiled. Democrats have urged Trump to include them in the development of the legislation. The Republican blueprint was devised without Democratic input. The last major tax restructuring, Republican former President Ronald Reagan’s 1986 overhaul, received significant input and support from Democrats. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: trump says popular retirement program unscathed tax planwashington reuters president donald trump monday dismissed possibility curling popular retirement savings program help pay sweeping tax cuts voiced doubts adding another top bracket targeting wealthiest americans the potential scaling back k plans four decades helped millions workers save retirement one several important details yet iron major tax overhaul trump promised candidate wants fellow republicans control congress pass year end the white house congressional allies floated idea parking certain tax deductions make revenue would lost proposed tax cuts centerpiece sharp reduction corporate income tax rate the wall street journal new york times reported friday republicans considering annual cap contributions k plans roughly percent workers age currently contribute basis that would slash amount money workers save retirement k plans typically invested portfolio mutual funds there no change k trump wrote twitter this always great popular middle class tax break works stays tampering k plans largely replaced defined benefit pensions united states would risk alienating tens millions workers well wall street generates fees managing plans many companies match percentage employees k contributions it also would provide ammunition democrats painted trump plan trillion tax cuts gift rich corporate america would balloon federal deficit senator ron widen top democrat writing senate finance committee criticized republicans making decisions issues related taxpayers already decided cut taxes corporations i really struck republicans handling question retirement accounts real lifeline working families moment still clear whether going include really bad idea would make harder working families prepare retirement widen said more million americans covered defined contribution plans like k according recent study asset manager vanguard total assets plans exceed trillion securing congressional passage tax plan critically important trump yet get major legislation congress since taking office january including healthcare overhaul promised candidate last year the white house argues tax cuts needed boost economic growth create jobs shown sensitivity recent weeks arguments endangering america fiscal health based outline plan unveiled last month independent experts concluded corporations highest earners would benefit many upper people would face higher taxes there signs republicans may add fourth income tax bracket high earners tax blueprint envision reducing number brackets three current seven the idea additional top tax bracket floated republican house representatives speaker paul ryan in interview broadcast fox business network monday trump appeared pour cold water idea it may happen trump said the reason i would reason i feel middle class properly taken care there also pressure investors pass tax overhaul the expectation deep tax cuts helped fuel stock market rally trump first year president broad s p index percent the index hit record highs every day last week although retreated monday the question becomes happens tax reform happen market sell said andrew simon portfolio manager morgan stanley investment management chicago trump expected participate tuesday senate republicans weekly policy lunch he said would press lawmakers act taxes thinks enough votes pass plan while broad parameters made public detailed legislation yet unveiled democrats urged trump include development legislation the republican blueprint devised without democratic input the last major tax restructuring republican former president ronald reagan overhaul received significant input support democrats politicsnews