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Quick qstn - I'm receiving HRA of 24075 from my employer but I would like dhow the rent paid as 96k p.a (while filing ITR). Even if I do so, I was only able to get exemption of 24075 from gross. Checking if we can speak to payroll department to increase Actual HRA since I'm actually paying more rent than compared. Will I be able to do so ?Deloitte Newco EY Accenture Genpact KPMG
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There's no shortage of bad ideas from Washington.
Especially when Americans aren't saving near enough now anyway!
Agreed 100%.
Devil's advocate would say advisors might have 16k/year more money per client, of those who already are there. And people might look to advisors to find out how to fund their retirement. Bottom line though: it ain't gonna happen.
Terrible idea and could cause a market crash due to less fund flows.
I'll clarify my earlier "it ain't gonna happen" prediction. I don't think the dollar amount to retirement plans will change ($18,500, more with catch-up); I DO think we'll see the pre-tax number change and see a bit of "Rothification" encouraged. Maybe 10k pre-tax, 8,500 Roth, etc.
The median 401k contribution in the US is 3K. Easy to see (though not necessarily agree with) the argument that the high limits only favor "the rich". Won't surprise me to see TOTAL limits not change BUT pre-tax vs Roth limits adjusted inside that number.
Trump tweeted no thank you to this idea... we’re safe.
What’s interesting is that would shift a lot of savings away from the DOL and historically lower fee accounts. I wouldn’t be surprised if that is being lobbied by some of the major firms similarly to the DOL changes. Even if they only got half of America to continue to save it would be more and certainly not be in a no low fee Institutional share class with no mgt fee.