The general rule is that anyone with more than $10 million in an account must withdraw at least 50%. (For instance, Thiel could be forced under this legislation to withdraw all but $20 million from his Roth IRA). Democrats also restored several other changes to retirement accounts, including eliminating what's known as a "backdoor" Roth IRA. There are taxes at the time of the transfer, but then individuals can grow that money tax-free in a Roth. "A big first step to strip retirement tax benefits from those who don't need the help," said Steven Rosenthal, a tax lawyer and policy analyst at the left-leaning Tax Policy Center.

Source: Fox News November 05, 2021 21:14 UTC