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House Democrats propose restrictions on retirement plan tax shelters


House Democrats unveiled multiple proposals to change retirement savings options for the wealthy on Sept. 14, as part of a restructuring of the tax code tied to the $3.5 trillion budget plan, reports CNBC. Taken together, the reforms aim to erode the use of retirement accounts as a perceived tax shelter for the wealthy and instead promote them as a way for low- and middle-income Americans to build a nest egg, the article says.

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