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Democrats put 401(k) and IRA restrictions for the rich back into their Build Back Better plan
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cnbc.comHouse Democrats proposed several rules to curb retirement accounts of the rich, part of a broad restructuring of the tax code tied to the party's Build Back Better social and climate spending package.
Wealthy individuals with more than $10 million in retirement savings would have to draw down their accounts each year, in a new type of required minimum distribution, or RMD, according to updated legislation issued Wednesday evening by the House Budget Committee.
Lawmakers would also close "backdoor Roth" tax loopholes for the rich, and prohibit further individual retirement account contributions once those accounts exceed $10 million.
The measures are aimed at curbing the use of 401(k) plans and IRAs as tax shelters for the wealthy.
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