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If new rules are put into place, it could be a lot harder for the rich to sock away money for retirement.
The Wall Street Journal reports the Treasury Department has proposed new regulations that would limit the use of so-called "donor-advised funds" by high-net-worth individuals.
These funds are typically used by the rich to sock away money for retirement, but they can also be used for other purposes, such as paying for college educations.
The new rules would limit the use of such funds by individuals who make more than $1 million a year, and they would apply to those who make more than $5 million a year.
The new rules would also apply to individuals who make more than $10 million a year, and they would apply to those who make more than $25 million a year.
Fidelity Charitable, a not-for-profit that manages these funds, says the new rules could raise fees for many of its donors, and it wants the government to intervene to stop the use of such funds by high-net-worth individuals.
The new rules were proposed in November 2023, and the IRS received more than 1,000 comments on them, according to a post on the department's website.
The new rules are expected to be finalized before the end of
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