To amend the Internal Revenue Code of 1986 to impose limitations on high-income taxpayers with large retirement account balances.

This bill would bar people with high incomes from adding new money to IRAs once their combined retirement account balances reach $10 million. The income limits are $400,000 for single filers, $450,000 for married couples filing jointly, and $425,000 for heads of household, with the dollar amounts adjusted for inflation. Starting in 2034, these taxpayers would have to withdraw 50 percent of the amount over $10 million each year, with extra Roth withdrawals required when balances exceed $20 million. These required withdrawals would not face the 10 percent early-withdrawal penalty, and plans would withhold 37 percent of certain such withdrawals for taxes.

Full text and official record on Congress.gov

Sponsors

• Richard E. Neal Democrat sponsor
• 0 cosponsors