Today news
About the same in other media
Here’s why Democrats’ proposed elimination of Roth conversions for the wealthy doesn’t start until 2032
Reading now: 313
cnbc.comHouse Democrats proposed a rule to forbid Roth conversions for the wealthy as part of a broad package of tax increases on affluent Americans.
But there's an irony in the proposal, according to tax experts.
A Roth conversion is a mechanism that allows taxpayers to switch their traditional (pre-tax) retirement savings to after-tax Roth funds. The person must pay income tax on the converted amount.
Unlike other aspects of Democrats' tax package, most of which would take effect in 2022, the prohibition on Roth conversions of pre-tax funds doesn't kick in for 10 years. The long lead time would give more wealthy taxpayers the ability to convert their retirement accounts before being disallowed — which would eke out extra tax revenue for
Read more on cnbc.comAbout this in other media
NFTs are 'part of the future' for games like FIFA and Madden, says publisher EA euronews.com /3 years ago
The hidden climate costs of America’s free parking spaces theguardian.com /3 years ago
Why Bitcoin bears are trying to keep BTC price below $62K for Friday’s options expiry cointelegraph.com /3 years ago
Show more
The website finance-news.co. is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
