The proposal to crack down on “mega IRAs” will generate about $7.3 billion in revenue over a decade, up from $1.8 billion in its original form in legislation the House Ways and Means Committee approved in September, according to Joint Committee on Taxation estimates. Democrats are getting more revenue they can count toward paying for their roughly $2 trillion social spending and climate package thanks to tweaks to a provision that would set new limits on how much cash can be stowed away in tax-free retirement accounts.
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