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

This bill would change federal tax law for people with high incomes and retirement savings above $10 million across their accounts. Starting in 2027, people whose prior-year income is above set limits ($400,000 for most single filers, $450,000 for joint filers) could not contribute to an IRA once their total retirement balances reach $10 million, with an excise tax on contributions over the limit. Starting in 2034, these people would have to withdraw 50 percent of the amount their balances exceed $10 million each year, and balances above $20 million would have to be withdrawn first from Roth accounts. Those required withdrawals would not face the 10 percent early-withdrawal penalty, and the dollar amounts would rise with inflation.

Full text and official record on Congress.gov

Sponsors

• Ron Wyden Democrat sponsor
• 0 cosponsors