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Billionaires like Peter Thiel may be spared big IRA tax bill in latest Build Back Better plan
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cnbc.comDemocrats seem to have spared wealthy Americans like billionaire tech mogul Peter Thiel from big tax bills on their vast Roth retirement savings in legislation unveiled this week.
That break is courtesy of new language in a $1.75 trillion social and climate measure around required withdrawals from Roth accounts. The change to an earlier version of the plan protects the withdrawals from tax.
House Democrats proposed legislation Wednesday that would force taxpayers with retirement accounts worth more than $10 million total to withdraw money each year. (A similar proposal in September was stripped from the legislative framework in October, but then added back.)
More from Personal Finance:Latest version of Democrats' bill includes improvements
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