President Bush marked the culmination of a more than 15-month effort to enact new tax cuts for the wealthiest Americans last week when he signed the $70 billion 2005 tax reconciliation bill into law. In order to keep the bill within cost limits despite the give-away to the affluent, the president and Congress enacted tax increases on students saving for college and Americans working abroad. The $70 billion tax reconciliation bill triples taxes for teenagers with college savings funds, a provision expected to raise $2.2 billion over ten years. Under the new law, teenagers age 14 to 17 with investment income will no longer receive lower tax rates on capital gains and dividends. Additionally, Congress added a last-minute provision to increase taxes on Americans working overseas. The change is expected to raise $2.1 billion over ten years, and raises taxes on Americans living abroad by about 6 percent overall. According to The New York Times, the law changes how taxes "are calculated on subsidies like housing allowances, which should push many of those Americans into higher tax brackets." These last-minute tax increases only underscore the misplaced priorities Congress and the president have pursued since the beginning of 2005. Stopping at nothing to give more tax cuts to who the Economic Policy Institute has called "the wealthiest of America's wealthy," GOP leaders in Washington have made other Americans pay more in taxes and left us all more vulnerable by continuing to add to the skyrocketing federal deficit.