Congress gives IRA perks to high earners in tax bill

A retirement bill that passed the House on Tuesday delivers valuable breaks for wealthy taxpayers while papering over long-term revenue losses.

The Secure 2.0 Act, which is not yet slated for a vote in the Senate, pushes back the age at which the government can start taxing retirement accounts from 72 to 75, providing high income earners an extra three years to defer tax payments and enjoy tax-free growth.

To make up for the loss of revenue, the plan uses what critics call an accounting trick.