OPINION: Roughly 28,615 taxpayers have IRAs with more than $5 million. Together these accounts hold $280 billion, according to the Joint Tax Committee.
One would think that a proposal to limit accumulations in Individual Retirement Accounts would not be very controversial. The favorable tax provisions accorded retirement saving are designed to encourage rank and file workers to save, not to make the rich richer.
But the headline of a recent article by my friend Mark Warshawsky cautioned: “If plans to cut IRAs succeed, the middle class will be collateral damage.” His argument is that a well-paid police chief could easily receive a benefit of $230,000 — the current IRS limit — from a state or local pension plan. With post-retirement cost-of-living-adjustments and today’s negative real interests rates, such a pension could be worth $10 million.
Even for the top quintile of the income distribution ages 55-64, the average of retirement and other financial assets is only $2.3 million .
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