Lawmakers Send Mixed Messages on Reining in Mega IRAs

ProPublica: “Two members of Congress who have long been responsible for shaping federal laws on retirement savings are considering major reforms after ProPublica exposed how the ultrawealthy are turning retirement accounts into gargantuan tax shelters.”

“But this new appetite for reining in the accounts may be too late to slow contrary bipartisan legislation already rolling through Congress. Buried deep inside two complex and sweeping bills — each more than 140 pages long — are provisions that could make it harder for the IRS to crack down on the ultrawealthy who dodge tax rules.”

“Those bills, paradoxically, are co-sponsored by Sen. Ben Cardin (D-MD) and Rep Richard Neal (D-MA), two of the lawmakers who are now calling for reining in giant retirement accounts.”