To amend the Internal Revenue Code of 1986 to impose limitations on high-income taxpayers with large retirement account balances.
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Summary
This bill amends the Internal Revenue Code to impose limitations on retirement account contributions and distributions for high-income taxpayers with large retirement account balances. For applicable taxpayers (those with modified adjusted gross income exceeding $400,000–$450,000 depending on filing status), the bill caps annual contributions to individual retirement plans at the difference between $10 million and their existing retirement account balances. The bill also increases minimum required distributions for high-income taxpayers whose aggregate retirement account balances exceed $10 million, with accelerated distributions for those whose Roth accounts exceed twice that threshold. An excise tax applies to excess contributions that violate these new limits.
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