US tax editor in the House of Commons prepares pension plan tax proposal, IRS

WASHINGTON (Reuters) – A Republican who will soon be stepping down as chairman of the US House of Representatives' tax committee on Monday released a massive 300-page tax bill that would affect retirement savings. the many tax breaks redesign of the Internal Revenue Service.

Representative Kevin Brady, Chair of the House Ways and Means Committee until early January, guided through the House and the office of President Donald Trump in 2017, a major tax bill that reduced the rate companies in the United States.

In his statement, Brady said in a statement: "The policy proposals contained in this package have the support of Republicans and Democrats in both Houses. I hope that prompt action will be taken in the House to send these measures to the Senate. "

US voters ended the Republican control of the House in the November 6 elections and handed over power to the Democrats. Brady should be replaced in January by Democratic representative Richard Neal as chair of the committee.

In the meantime, the Congress is holding a "Lucky Duck" session in which Republicans such as Brady will still be in charge of the House program. No summary of Brady's bill was immediately available, a legislator spokesman said.

The future of the bill was unclear, with Congress likely to be busy with the "lame duck" session with an indispensable spending measure and new demands for Trump's money for building a project wall along the US-Mexico border.

The 297-page text of the bill covers tax breaks for fuel cell cars, energy-efficient homes, racehorses, mine safety equipment, motor racing tracks and many other items, as well as for retirement savings plans such as 401 (k) and individuals. retirement accounts (IRA).

The bill "also includes some urgent technical corrections" to the 2017 bill that Trump promulgated, said Brady in his statement.