Popular Tax Trick for Savers Is Eliminated in House Bill

Americans would no longer be able to use some popular strategies to move money into tax-free Roth individual retirement accounts under a roughly $2 trillion education, healthcare and climate package House Democrats approved on Friday.

The bill, passed along partisan lines and expected to be amended by the Senate, includes a series of provisions Democrats are backing in an effort to prevent the wealthiest Americans from shielding multimillion-dollar retirement accounts from taxes.