S. 5040: A bill to amend the Internal Revenue Code of 1986 to impose limitations on high-income taxpayers with large retirement account balances.

S. 5040 is a federal bill in the 119th Congress. High-income earners with more than $10 million in combined retirement accounts can no longer make new contributions to individual retirement accounts. Before this bill, individuals with high incomes and large retirement balances could continue contributing… See its sponsors, how members voted, and a plain-English breakdown on PolityLens.