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Senate Tax Chief Baucus Slows Plan to Change Inherited IRAs

U.S. Senate Finance Committee Chairman Max Baucus said he would back off an immediate effort to impose tougher requirements on inherited individual retirement accounts.

The changes that Baucus proposed earlier today would raise $4.6 billion for the Treasury over the next decade by requiring younger beneficiaries to pay taxes over five years instead of spreading them over their lifetimes, according to the Finance Committee. Baucus, a Montana Democrat, had wanted to use the money to help pay for a highway bill the panel is debating.