Word: rothe
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Sometime this week President Bill Clinton is expected to sign a sweeping IRS-reform bill that includes "technical corrections" governing the popular Roth IRA. Mostly, the corrections close loopholes. So don't look for any big changes, like expanding eligibility for those earning more than $100,000 a year. As I've argued before, that low limit unfairly precludes many nonwealthy couples in big cities from converting their old IRAs to a Roth. Still, nagging obstacles are about to get obliterated, opening the door for wider use of this powerful savings tool...
...overwhelming show of lovable-issue bipartisanship, the Senate almost unanimously approved a $13 billion bill that aims to make the hated Internal Revenue Service a little more taxpayer friendly. President Clinton has promised to sign it, and the bill's jubilant coauthor, Senate Finance Committee chairman William Roth, promised "a new day for the American taxpayer." But FORTUNE Washington bureau chief Jeff Birnbaum sees a mostly empty gesture: "The vast majority of Americans won't feel any difference under this plan -- if anything, the changes will make things more confusing for everyone...
...Portnoy's Complaint by Philip Roth is published...
Seniors: Landis Fisher, Catherine Malone, Amy Mecklenburg, Erin O'Malley, Amy Roth...
...Which is all well and good, and senators will be able to head back to their constituencies trumpeting this achievement. But beyond the flowery rhetoric, what will Roth's bill do? Some of the provisions, such as creating an independent appeals process for taxpayers, make good sense and cost no money. Others, like putting a time limit on failure-to-pay penalties, might play well in Peoria but will cost the administration a total of $18 billion over 10 years. Some clauses sound downright dubious: Who wants to tell the voters that the Senate just handed...