Would I be able to use this to process payments at a garage sale without going through a bunch of hoops? That would be great.
I know you could theoretically use Zelle/Paypal/Venmo, but it seems much easier to just be able to accept a card payment. Plus, I wouldn't have to give strangers my email, phone number, or username, which would be needed for those payment methods.
I use Wallet on macOS all the time with the built in Touch ID reader. I was actually surprised how many online stores accept Apple Pay via Safari. Even a local chain that delivers tacos takes it!
I can pay with contactless / Apple Pay almost everywhere, except the largest grocer chain in Texas - H-E-B - doesn't support it. Unfortunately, this is where I make most of my purchases, so I end up using Apple Pay on infrequent other shopping trips.
1. You can't add new contributions to tax-advantaged accounts if their total value exceeds $10 million and you make over $400K for single filers, amounts indexed to inflation.
2. There are required minimum distributions if you have tax-advantaged accounts over $10M and make over $400k. There's a more rapid drain if you have over $20M.
4. Prohibits you from using a tax advantaged account to invest in securities that require "accredited investor" status (hedge funds, etc). You also can't use the tax advantaged account to invest in businesses where you have 50% or more of an interest.
Unless you're super rich, were using a tax advantaged account to invest in your business, or were using the mega backdoor, which isn't available to everyone and still does require a pretty high income (investing more than ~$20k/year in a 401k), this doesn't really impact you. You can also still do whatever you want in a taxable account, so to me this just seems like a roundabout way of increasing taxes on wealthy people's investments.
I do wonder how much revenue this will raise, though. I can't imagine there are a ton of people with retirement balances over $10M. Maybe the expectation is that revenue will compound over time as more and more assets are held in taxable accounts.
EDIT: I think I was wrong about the backdoor Roth still being available to folks making under $400k (point 3) since you can't convert any after tax funds to a Roth with the proposal. So, this does affect people above the Roth ceiling ($140K single income, $208K married), if you were maxing out pretax contributions and making after-tax conversions to a Roth. I think pretax contributions to a traditional IRA for 401k can still get converted to a Roth.
It looks like they need a law degree, too, so I'm sure they offer legal services other than property transactions?
https://www.notariado.org/portal/en/how-to-be-a-notary