A surprise proposal in Congress to drum up tax revenue from inherited
IRAs is raising eyebrows—and making some financial advisers nervous.
A Senate Finance Committee proposal floated this past week as part of
a highway-funding bill would give heirs five years to empty inherited
individual retirement accounts or 401(k)s, which would typically trigger
income-tax payments. The rule change could raise some $4.6 billion in
income taxes over the next decade, according to a statement by Sen. Max
Baucus (D., Mont.), chairman of the Senate Finance Committee.
Remember that they will try to take your money however, whenever, and wherever they can, and it doesn't matter much which party is in power.
