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.