Save Self-Directed IRAs: Stop Section 138312/138314 of Build Back Better

Save Self-Directed IRAs: Stop Section 138312/138314 of Build Back Better

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Scott Maurer started this petition to U.S. House of Representatives and

Self-directed IRAs can currently invest in private placements (start-ups, real estate, joint real estate ventures, crowdfunding, etc.). This ability is under attack by Sections 138312 and 138314 of the Build Back Better Act, which will prohibit these assets for all IRAs. Average Americans hold most of their investable cash in IRAs and old 401(k)s. Preventing these investments in IRAs does not hurt the uber-wealthy the act purports to target—they will fund these investments with other capital. Instead, it hurts average citizens who don’t have other funding resources.

If these sections pass, IRA owners will be forced to invest only in Wall Street projects and divest current private holdings from their IRAs. Divesting these assets potentially causes an immediate taxable event for ALL IRA owners, not just the wealthy. The JOBS Act of 2012 made it easier for average individuals to qualify and make these investments possible. Over the years, private placements in IRAs have helped create jobs, spur innovation, support community growth, and allow people the freedom to choose their own investments. Countless individuals use self-directed IRAs to secure their financial futures without relying on a risky stock market. But these freedoms vanish if these sections pass.

Our government must leave our IRAs alone! Most representatives do not realize the implications these sections have on IRA owners. Many may not know the sections are in the bill at all. Right now, you can choose your investments, who you invest with, and facilitate community growth by investing in private placements. Do you want that right taken away? If not, ACT NOW to prevent these sections from passing.

0 have signed. Let’s get to 2,500!
At 2,500 signatures, this petition is more likely to get picked up by local news!