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...

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The Hill

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https://thehill.com/policy/finance/600400-congress-gives-ira-perks-to-high-earners-in-tax-bill/

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