The Democratic leaders of the House Ways and Means Committee and the Senate Finance Committee are looking to curb what they describe as the exploitation of IRAs by extremely rich taxpayers. The legislators released statistics to back up their contentions. Based on a report from the Government Accountability Office, there has been a threefold increase in the number of taxpayers with aggregate IRA account balances of more than $5 million since 2011. “IRAs were designed to provide retirement security to middle-class families, not allow the super wealthy to avoid paying taxes,” said Senate Finance Committee Chair Ron Wyden (D-OR). He added that “closing these loopholes will be a top priority.” Call or visit our website for more information! www.mjscpa.com/
