How You Got Screwed (Part 2)

The Republican Rich Man's Tax Relief Act of 2006 included another few tidbits of interest to the common taxpayer. They used smoke and mirrors to get the amount of the bill under $70 billion and extended a new tax break for the wealthy at the same time. The bill is financed by allowing anyone, any income range to open a Roth IRA and to convert their conventional IRAs. This gives a "boost" of one-time tax revenue now while giving up the rich man's taxes for the rest of their lives. Sweet....

I'm sure no Republican will have the decency to vote against this gift to their constituency - not you and me - and I'm sure all of them will claim they reduced your taxes.