Forbes has published an article, ”Mega IRAs Reflect Mega Legislative Mistakes,” which discusses Mega-IRAs and how they are a problem created by laws that lavish excessive tax benefits on high-income individuals.. The article begins as follows:
Mega-IRAs are hot this summer, following a June 2021 report by the nonprofit news service ProPublica that revealed—based on leaked IRS files—that a handful of high-net-worth individuals have accumulated massive individual retirement account (IRA) balances. The congressional Joint Committee on Taxation also reported that in 2019 more than 28,000 taxpayers owned IRAs worth more than $5 million.
Click here to see full article: “Mega IRAs Reflect Mega Legislative Mistakes”
Posted by Anthony Tran, Associate Editor, Wealth Strategies Journal