Old 09-13-2021, 05:56 PM
  #3  
tnkrdrvr
Occasional box hauler
 
Joined APC: Jan 2018
Posts: 1,636
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Originally Posted by BoilerUP View Post
https://www.cnbc.com/2021/09/13/hous...e-wealthy.html

Basically, this Democrat-proposed legislation will neuter tax-advantaged retirement vehicles frequently used by professional pilots such as backdoor and mega-backdoor Roth conversions, and place annual RMDs on combined IRA/Roth/DC plans valued over $10M (which may be a factor for some people).

Here's a white paper of the proposed legislation, designed to help "make the tax code more equitable" and help pay for Democrats' $3.5T spending wishlist
https://waysandmeans.house.gov/sites...btitleISxS.pdf
The “good news” is that the Democrat senator from West Virginia and the Democrat senator from Arizona do not appear to be on board. That’s a slim twig that a lot of our ability to grow generational wealth hangs by. The last thing I need is to be forced to liquidate my retirement investments at an age when my biggest expenses will be paying a nurse to spoon feed me and wipe my behind. They are destroying the social contract that said that saving for the future was beneficial for society and replacing it with a system that encourages the masses to blow it all on bread and circuses, since the government will “care” for you in old age.
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