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  • Feds say gigantic IRA accounts are a tax problem

    Yahoo! - 01/05/2016

    Maybe one day those accounts will turn into mega-million-dollar IRAs. In the meantime, critics of the conclusions drawn by the GAO report, such as Tim Gagnon, say people need more carrots for retirement savings, not fewer.

    “They are going after an underlying issue that isn’t the underlying issue. It’s more worrying that people don’t put money aside for retirement, rather than rich people with large accounts,” says Gagnon, an assistant academic specialist of accounting at the D’Amore-McKim School of Business and program director for the online Master of Science in Taxation program at Northeastern University.

    Encouraging everyone to step up their retirement savings is never a bad idea. Is any real harm done if a few people manage to parlay their IRAs into a vast fortune?

     

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