WASHINGTON (AP) — The Latest on Republican plans to overhaul the tax code (all times local):
Ivanka Trump is teaming up with Republican legislators to ensure the GOP tax-overhaul package includes an expansion of the child tax credit.
The White House adviser and presidential daughter appeared at a Capitol Hill press conference with GOP lawmakers. She's framing the expanded child tax credit as crucial for working families.
Ivanka Trump is pitching an expanded child tax credit in a visit to Capitol Hill.
The White House adviser and daughter of the president appeared at a news conference Wednesday with Republican lawmakers to promote the proposal as part of the Republican tax overhaul.
She said "it is a priority of this administration and it is a legislative priority to ensure that American families can thrive."
Attendees included Republican Sens. Marco Rubio, of Florida, Mike Lee of Utah, Tim Scott of South Carolina, Shelly Moore Capito of West Virginia and Dean Heller of Nevada, as well as GOP Reps. Kristi Noem of South Dakota, Kevin Yoder of Kansas, Rep. Claudia Tenney of New York and Rep. Martha Roby of Alabama.
Rubio and Lee have worked closely with Ivanka Trump on this issue.
President Donald Trump says he shut down speculation that 401(k) plans may be changed to pay for tax cuts because they're important for middle-class retirement.
Trump said Wednesday he didn't want the speculation to go "too far" and "that's why I ended it very quickly."
Trump acknowledged the plans may still be used for negotiating leverage, but says there are "certain elements of deals you don't want to negotiate with." He says the House committee chairman who will help write the tax legislation also knows how important the plans are.
News reports first surfaced over the weekend that Republican lawmakers were considering 401(k) changes to help pay for the tax cuts.
Trump tweeted Monday: "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!"
Sen. Marco Rubio is expressing optimism that an expansion of the child tax credit will be included in the Republican tax overhaul plan.
The Florida lawmaker said Wednesday that his "sense is it will be in the underlying bills." He said he'd like to see the $1,000 credit doubled and made fully refundable and projected the cost would be $435 billion over 10 years.
Rubio says this provision is needed because without it people could "see a tax increase, which nobody around here is prepared to justify because you can't."
Critics argue the GOP tax plan disproportionately benefits the wealthy.
Rubio will appear at a press conference with Ivanka Trump on Wednesday to promote the effort. The first daughter has been working with him on the expansion.
The head of the House tax-writing panel isn't ruling out changes to the 401(k) retirement program to raise revenue for tax cuts. It's a potential break with President Donald Trump.
Ways and Means Committee Chairman Rep. Kevin Brady says he's discussing the 401(k) issue with Trump, who has shot down the possibility of changes to the popular savings program. Trump promised in a tweet Monday that it will be untouched.
Republican lawmakers have been considering changes to the 401(k) structure, such as limiting the amount of tax-deferred contributions employees can make, as a way to help finance tax cuts in major legislation.
"We're working very closely with the president," Brady, R-Texas, told reporters Wednesday at a Christian Science Monitor breakfast.