TaxWatch: ‘People are upset.’ Will proposed IRA tax changes targeting the rich hurt smaller nest eggs?

Daily Trade

Months after a story broke detailing the $5 billion that could come out of Peter Thiel’s retirement account tax-free, new tax proposals are aiming to put a stop to the practice of very wealthy investors taking advantage of favorable tax laws on IRA accounts.

The changes offered by Congressional Democrats on the Ways and Means Committee would require super-rich households to tap some of their money and end their ability to switch to accounts with tax-free distributions.

The…