Ron Wyden and Richard E. Neal introduced legislation to limit taxpayer-subsidized "mega" retirement accounts for the ultra-wealthy.

Ron Wyden and Richard E. Neal introduced the Retirement Fairness for Working Americans Act to address the growth of massive retirement accounts held by the wealthiest individuals. The legislation targets "mega" IRAs and 401(k) plans, requiring those with balances exceeding $10 million to take distributions while prohibiting further contributions. The bill aims to ensure that retirement accounts remain a lifeline for middle-class savers rather than a loophole for the ultra-rich. Currently, the federal government missed approximately $250 billion in revenue in 2025 because of these tax breaks. While the bill will not change savings rules for most Americans, it would require individuals with balances over $20 million to withdraw their excess funds in full by 2033. Wyden and Neal noted that while the bill faces a difficult path in the current Republican-controlled Congress, it could become a priority if Democrats take control of the Senate Finance and House Ways and Means committees after the midterm elections.

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