Article snippet: House Republicans rushing to finish a far-reaching tax cut package by Thanksgiving conceded late Tuesday that they would have to delay the release of their legislation by a day. The GOP now says the bill will be released on Thursday as lawmakers scramble to reach a consensus on how to restructure the nation’s tax laws. Fights over possible changes to the tax status of 401(k) retirement plans and the state and local taxes deduction are at the center of the delay. Lobbyists chattered throughout the day over whether Wednesday’s big unveiling of the GOP tax package would have to be delayed as it became clear that lawmakers were differing over various reductions. This would allow Brady to make changes to the text through the weekend ahead of a planned markup on Monday in the Ways and Means Committee. President Trump had sought to quash any changes to 401(k) plans last week, but it has become clear that Republicans have not stopped talking about shifting the tax status of the plans as they seek to ensure their bill does not add to the deficit after its first 10 years. Republicans have discussed lowering the amount people can put into their retirement plans before taxes, which could increase the amount of revenue initially hit by taxes. Under current law, people under 50 can put up to $18,000 in a 401(k) plan annually before it is hit with taxes. Taxpayers do not have to pay a tax on the money until it is removed from the account. On the state and local tax deduction, ... Link to the full article to read more