House Ways and Means Committee Chairman Richard Neal, D-Mass., is mulling legislation that would limit "the total amount of money that can be saved in tax-preferred retirement accounts, and putting an end to the tax dodging some do when saving in IRAs," he told Treasury & Risk sister publication ThinkAdvisor via email on Thursday.
"Incentives in our tax code that help Americans save for retirement were never intended to enable a tax shelter for the ultra-wealthy," Neal said, referring to recent reports about Peter Thiel's $5 billion Roth IRA. "The Ways and Means Committee is working on legislation that will stop IRAs from being exploited."
Senate Finance Committee Chairman Ron Wyden, D-Ore., also plans to reintroduce legislation he floated in 2016 that would have limited the amount of money that could be invested in Roth IRAs, according to ProPublica.
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2024. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
