Lawmakers want to crack down on IRA rules that benefit the rich — but one critic wants to kill the tax breaks altogether

Come April 2027, billionaire investor Peter Thiel can start withdrawing from a Roth IRA that held $5 billion the last time anyone counted — and he won't owe a dollar of federal income tax on it.

He opened the account in 1999, before he was a billionaire, with less than $2,000 — the most anyone could contribute back then — and then used it to buy into the startup that became PayPal, according to IRS records obtained by ProPublica .

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Congress created the Roth IRA to help regular workers save for retirement. On July 22, Sen. Ron Wyden (D-Ore)., and Rep. Richard Neal (D-Mass) introduced a bill to stop accounts like Thiel's from ever getting that big.

But one economist wants to go even further — he wants the tax break, and your retirement accounts, killed entirely.

The bill itself targets a narrow group: people earning more than $400,000 a year ($450,000 for couples) who hold more than $10 million across their IRAs, Roth accounts and 401(k)s. They wouldn't be able to add another dollar to their account. Each year they'd withdraw half of everything above $10 million and pay income tax on it. Any amount above $20 million would have to be fully withdrawn.