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!
— Donald J. Trump (@realDonaldTrump) October 23, 2017
I suspect Trump doesn't really want to raise taxes on "middle class" people but his people keep lying to him until someone on one of his stories clues him in.
Middle class tax deductions (401k, mortgage interest) mostly benefit higher income people but better them than the 1%. If you want to give super rich people a massive tax cut, and pretend to "pay" for it a little bit, the money has to come from somewhere, and the only place it can come from is upper middle class people.
Or the military budget. HAhahaha I keed.