The super rich use 401(k)s and IRAs to sidestep taxes on millions of dollars. This proposed law would cut them off.

More than 200 individuals collectively held over $85 billion in tax-advantaged retirement accounts, such as IRAs and 401(k) plans. Senator Ron Wyden, a Democrat from Oregon, and Representative Richard Neal, a Democrat from Massachusetts, introduced a bill to prevent the wealthiest taxpayers from using these accounts as tax shelters. This proposed legislation would limit the tax benefits granted to ultra-wealthy retirement accounts.

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