Restrictive retirement rules for the rich edge closer as House passes $1.75 trillion Biden plan

[Yo_Mama_Been_Loggin]

The 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.

Wealthy individuals with more than $10 million in retirement savings would have to draw down their accounts each year, in a new type of required minimum distribution, or RMD. Lawmakers would also close "backdoor Roth" tax loopholes, used largely by the rich, and prohibit further individual retirement account contributions once those accounts exceed $10 million.

https://www.msn.com/en-us/news/other/restrictive-retirement-rules-for-the-rich-edge-closer-as-house-passes-dollar175-trillion-biden-plan/ar-AAQUlwx

[Backseat Driver]

1. With the intent being a greater Federal tax payment and/or more,

what, donations to "charitable" philanthropy? What of gift allowances and/or "in kind" donations? Would this have any impact on the "corporate personhood"? Of course, closing loopholes is a good thing.

[mopinko]

2. intent is to keep them from parking so much money away from taxes.

if you have a 401k, at a certain age, you have to start drawing it down.
not intended to park money forever.