Is Tax Relief Real?

The Taxpayer Relief Act of 1997 added complexity to the income tax code in the name of simplification. An assortment of targeted tax cuts was included among 225 new tax provisions. In this paper, implications of the tax changes are explored, the opportunity to improve retirement security presented by the new Roth IRA are reviewed, prospects for further tax changes are discussed, and the pros and cons for future tax reform are weighed.