David Bussolotta Discusses Congress's Proposed Reconciliation Bill in MarketWatch Article
David Bussolotta, an attorney in Pullman & Comley's Trusts and Estates practice, spoke with MarketWatch about how the newly proposed $3.5 trillion Reconciliation Bill may affect individuals' estate plans. The new tax bill that Congress is negotiating would prohibit after-tax IRA contributions from being converted to Roth IRAs regardless of income level, effective for distributions, transfers and contributions made after December 31, 2021.
David says the general theme of the bill when it comes to retirement planning is to try to close loopholes used by high earners. However, he adds, it looks like the law may also close some loopholes, inadvertently or not, for those who are on middle-class incomes.
Read the full article on MarketWatch's website.