Report: 401(k) cap will be reduced, but not to $2,400


A draft bill will reduce the cap on 401(k) contributions but not to $2,400 as House Republicans had wanted, ABC News reports. The bill will lower it to a point halfway between the current limit, which is $18,000 for most people, and the preferred $2,400 that lawmakers wanted. The draft bill also retains the local property tax deduction and the complete elimination of the estate tax.