jon: changes are coming some retirement deductions next to the could be a major hit on tap for many of americans. foxbusiness gerry willis has that story. millions of americans are set to take a hit when changes to a much use retirement deduction kicks in next year. right now it workers over the age of 50 are able to make catch-up contributions to their 4o the 401(k) worth up to $7500 each year. the annual cap on all contributions, 30,000 dollars. but because of new rules congress passed beginning next year, people earning more than $145,000 will no longer be able to put those payments into a traditional 401(k). instead the money will be funneled into a roth ira. that means workers catch up contributions fully made with after-tax dollars rather than
did not lay out a plan. he had a concept. a slogan not a laundry list of things that go into the bill. things like yesterday where there is some talk as of yet unidentified republican members house or senate talking about curbing a very popular retirement deduction and the president intervenes. i think wisely. get rid of that, let s not talk about that. but he has to pick the shots that he makes on things like that and if at all possible do it more in private than in public. do it with the people who are actually writing the bill. the chairman of the house ways and means committee and allies on the committee rather than doing it publicly. it gets people s hackles up. they re in charge of writing the legislation. happy to hear the president s proposals. at the end of the day the house and senate have to write the bill and the president has to be for it. sandra: they are pushing hard for this.