Senate Proposes to Use Individuals' Retirement Savings for Highway Funding
Wednesday, February 8, 2012 at 2:32PM 
According to a recent report in the Wall Street Journal, the Senate Finance Committee is expected to pass a bill effectively increasing (by accelerating) taxes collected from retirement funds in order to support highway funding. If the bill becomes law it will do away with your ability to "stretch" your IRA or 401(k). It's estimated the law would shift over 4.5 billion dollars from private savings to federal coffers over a ten year period.
From an estate planning (and taxpayer) perspective, this is important legislation. Whether you think this bill should pass or not, let the Senate Finance Committee and your Senator know.
Richard Barid
UPDATE: A recent report from Bloomberg says that Senate Finance Committee Chairman Max Baucus (D-MT) would be willing to work with Senate Republicans to find replacement revenue so that stretch IRAs do not become a thing of the past.