A new congressional bill aims to cap retirement accounts at $10 million per person, targeting high earners over $400K annually to prevent the ultra-wealthy from using 401(k)s and IRAs as tax shelters. Already, over 32,000 taxpayers hold at least $10M in these accounts—with averages far higher—raising questions about fairness and whether these tax breaks are truly helping average Americans. While some call for eliminating these accounts entirely, others propose smarter defaults like automatic enrollment to ensure broader financial security.
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