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The House did pass a bill increasing IRAs to $5000 and 401(k)s to $15000. If enacted, it will be phased in over a period of 3 years. This means the maximum that can be contributed will increase each year.

The bill still has to go through the Senate and then to the Pres. It has some opposition from the Democrats, however. They are saying it will only help the rich because the poor and lower-middle class cannot reach the current limit.

Write your Congressman.
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