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House Ways and Means Committee Chairman Richard Neal, D-Mass., is mulling legislation that would limit “the total amount of money that can be saved in tax-preferred retirement accounts, and putting an end to the tax dodging some do when saving in IRAs,” he told Treasury & Risk sister publication ThinkAdvisor via email on Thursday.

“Incentives in our tax code that help Americans save for retirement were never intended to enable a tax shelter for the ultra-wealthy,” Neal said, referring to recent reports about Peter Thiel’s $5 billion Roth IRA. “The Ways and Means Committee is working on legislation that will stop IRAs from being exploited.”

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