Congress gives IRA perks to high earners in tax bill
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...