President Donald Trump on Monday said there would be no changes to 401(k)s, days after the New York Times reported that House Republicans were considering placing a cap on contribution limits.
“There will be NO change to your 401(k). This has always been a great and popular middle class tax break that works, and it stays!” Trump tweeted Monday.
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On Friday, the New York Times reported that House Republicans, as part of an effort to reform the tax code, are proposing to cap the yearly amount workers set aside in 401(k) accounts to $2,400. Currently, workers under 50 can put as much as $18,000 in a 401(k) without paying taxes on the front end, according to the New York Times. Workers over 50 can put up to $24,000.
The New York Times cited lobbyists, Democrats in Congress and tax consultants in its report.
Sen. John McCain seemingly labeled President Donald Trump a draft-dodger in an interview that aired Sunday night, criticizing those who “found a doctor that would say that they had a bone spur” to avoid military service.
Trump was granted five draft deferments – four for college and one for bone spurs in his heel – and did not serve in the military.
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“One aspect of the conflict, by the way, that I will never ever countenance is that we drafted the lowest-income level of America, and the highest-income level found a doctor that would say that they had a bone spur,” McCain (R-Ariz.) said, without attacking the president by name. “That is wrong. That is wrong. If we are going to ask every American to serve, every American should serve.”
A spokeswoman for McCain did not immediately return an email asking whether or not the senator had intended to criticize the president with his CSPAN remark.
McCain, a former Navy pilot during the Vietnam War, was a prisoner of war for five-and-a-half years, held and repeatedly tortured in the infamous Hanoi Hilton prison. Given the opportunity to return home ahead of some who had been captured before him, McCain refused.
The Arizona senator’s status as a former POW – for which he is often revered as a hero by members of both parties – has seemingly not won him much favor with Trump, who has clashed regularly with McCain. The lawmaker has been among the most vocal GOP critics of the president and was among the Republican senators whose “no” votes scuttled the party’s efforts to repeal and replace Obamacare last summer.
The feud between the two men dates back to the presidential campaign, when McCain said in an interview that Trump “fired up the crazies” in his home state of Arizona. Even more famously, Trump said McCain was “not a war hero” and that “I like people who weren’t captured.”
Federal funds for the Children’s Health Insurance Program (CHIP) expired Sept. 30, leaving states to come up with short-term fixes to keep their programs going.
CHIP, now in its 20th year, primarily covers children from low-income families who earn too much to qualify for Medicaid. The program has long had bipartisan support, but lawmakers — consumed by the fight over Obamacare — blew past a key funding deadline and have been slow to extend new money.
States haven’t started to pare back coverage yet, but they’re relying on short-term patches to keep their CHIP programs afloat. Here’s where things stand.
Nearly 9 million children are insured through CHIP, but now 4 million could lose coverage
If CHIP funding runs out, many enrollees would be shifted over to Medicaid coverage instead. But roughly 4 million CHIP enrollees live in states whose programs aren’t linked to Medicaid, so those enrollees are at risk of losing coverage. In certain states, pregnant women could also lose benefits.
Six states and D.C. will quickly run out of federal funding
Federal dollars for these states will dry up by December. Twenty-five more states will run out of funding in the first quarter of 2018.
Some states received extra federal funds, but it’s only a short-term patch.
The Centers for Medicare & Medicaid Services (CMS) are allowed to distribute leftover funds to help states facing budget shortfalls.
A group looking to turn out key Democratic-leaning demographics plans to spend just over $1 million in Virginia, ahead of the state’s closely watched gubernatorial and state legislative elections.
The Voter Participation Center, which aims to register and turn out members of underrepresented populations in elections, is on pace to send out 2.2 million pieces of mail from September to Election Day. From Oct. 25 to Nov. 1, the group will send out four waves of get-out-the-vote mailers to unmarried women, African-Americans, Latinos, Asian-Americans and young people — a potential boost to Lt. Gov. Ralph Northam’s campaign for governor. Each group is part of the so-called rising American electorate — young people, non-white people, and unmarried women — which has leaned toward Democrats in recent years.
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Some Democrats have worried about the low-key, genial Northam’s ability to excite the progressive base ahead of the critical Virginia gubernatorial election, which also serves as a de facto referendum on a president’s first year in office. Polls have shown the Democrat with a small but steady lead over Republican Ed Gillespie, a former lobbyist and RNC chair.
“The elections in Virginia couldn’t be more important for the future of our communities, which is why the Voter Participation Center is investing heavily to make sure underrepresented Virginians register to vote and turn out on election day,” said Page Gardner, the founder and president of the Voter Participation Center.
Gardner noted unmarried women played a key role in Democratic Gov. Terry McAuliffe’s two-and-a-half-point victory over Republican Attorney General Ken Cuccinelli four years ago. Unmarried women supported McAuliffe by a 42-point margin, according to a Voter Participation Center post-election poll, while married women support Cuccinelli by a nine-point margin.
The group plans to pay for a similar poll this year.
African-American participation in Virginia also grew from 2009 to 2013, with black voters making up 16 percent of the electorate in 2009 and 20 percent in 2013. Democrats are hoping for similarly high turnout this year — Northam performed well in heavily African-American cities during the Democratic primary, and former President Barack Obama campaigned for him in Richmond last week.
CHICAGO—Illinois Republican governor Bruce Rauner is officially running for a second term, his campaign confirmed.
The announcement comes as the embattled governor has endured ongoing staff turmoil and as he faces a revolt from conservatives in his own party.
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In a new campaign video, which Rauner narrates, the governor says the people of Illinois have a choice: “We can throw in the towel, walk away and leave our future to the same corrupt career politicians. Or we can fight. I choose to fight.”
The announcement comes after another Republican — state Rep. Jeanne Ives — announced she is circulating petitions to run in a primary race against Rauner.
The governor enraged conservatives after he signed a bill compelling the state to fund abortions for the poor.
Rauner was elected in 2014 under the promise of turning around Illinois’ economic fiscal climate. However, the amount of unpaid state bill debt tripled. Over the summer, 15 Republicans broke ranks and voted against Rauner to approve a budget that included an income tax increase to end a two-year budget impasse.
Rauner vetoed the measure but the legislature overrode him.