Congress gives IRA perks to high earners in tax bill

Posted on AllSides March 31st, 2022
From The Center

A retirement bill that passed the House on Tuesday delivers valuable breaks for wealthy taxpayers while papering over long-term revenue losses.

The Secure 2.0 Act, which is not yet slated for a vote in the Senate, pushes back the age at which the government can start taxing retirement accounts from 72 to 75, providing high-income earners an extra three years to defer tax payments and enjoy tax-free growth. 

To make up for the loss of revenue, the plan uses what critics call an accounting trick.

The House-passed bill counts money...

Read full story

More News about Politics from the Left, Center and Right

From the Left

From the Center

From the Right