Originally Posted by
BoilerUP
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.