Tax attorney John Hyre has posted an Oct. 28th update:
Democratic Anti-SDIRA/401k Proposals Are Dead: Per the American Society of Pension Professionals & Actuaries, ALL of the IRA & 401k provisions have been dropped from the reconciliation bill. Source.
Good news! Earlier...
Hyre lays out all the reasons why investors must write letters to their representatives in Congress to protest proposed "Build Back Better" legislation that would gut investors' ability to invest in real estate using their self-directed IRAs. It could also cause a forced distribution.
John gave a presentation to Vena Jones-Cox's Ohio REIA, which you can watch above, and he has shared his slideshow with us. Vena has also shared a document explaining why this legislation should not be passed — and you can borrow from it in order to write your own representative.
Please write your Congress representative soon and give him or her specifics on how your self-directed IRA has helped turn vacant properties back into attractive and affordable housing, how it has helped put people into homes, how it has helped tradespeople make a living — and how it is helping you to build a nest egg that will support you in retirement, reducing your need to turn to the government for support. And if funds from other people's IRAs have helped you do any of these things, please mention that too.
Local Congressional Representatives
Scroll to the bottom of these representatives' web pages to find their addresses and phone numbers.
John Yarmuth (D): Jefferson Co., Kentucky. Get Yarmuth's contact info here.
Brett Guthrie (R): Bullitt, Spencer, Hardin, Meade, Nelson, Larue counties in Kentucky. Get Guthrie's contact info here.
Thomas Massie (R): Oldham, Shelby, Henry and Trimble counties in Kentucky. Get Massie's contact info here.
Trey Hollingsworth (R): Clark, Floyd, Harrison, Crawford and Washington counties in Indiana. Get Hollingsworth's contact info here.
Live outside these areas? Look up your representative by your ZIP code.
National REIA
National REIA also has a resource page for writing your representative. Check it out here.
John Hyre's HandsOffMyIRA.com Website
And be sure to keep up with developments on the website John Hyre has created to address this legislation: handsoffmyira.com