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Restrictive retirement rules for the rich edge closer as House passes $1.75 trillion Biden plan
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cnbc.comThe House of Representatives passed legislation Friday that would curb how wealthy Americans use retirement plans.
The new rules are part of a broad restructuring of the tax code tied to the $1.75 trillion Build Back Better Act, which would represent the largest expansion of the social safety net in decades and the largest effort in U.S. history to fight climate change.
House Democrats passed the bill along party lines, 220-213. It now heads to the Senate.
More from Personal Finance:Billionaires like Peter Thiel may be spared big IRA tax bill in latest Build Back Better plan52% of workers feel they're behind on retirement savingsRetirees are 'unretiring' — and that's good for the labor market
Wealthy individuals with more than $10 million
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