Senate retirement bill benefits wealthy Americans

A retirement bill currently under negotiation in the Senate gives rich Americans a tax break by bringing forward the payment schedule to remain revenue-neutral within the 10-year budget window, but ultimately adds to the U.S. national deficit unless a future Congress raises taxes.

The Senate’s Enhancing American Retirement Now (EARN) Act raises the age at which taxpayers must start making withdrawals from 72 to 75, allowing them three extra years of tax-free growth.