The Omnibus Budget Reconciliation Act of 1993 was passed by the 103rd United States Congress without a Republican vote. The federal law was signed by President Bill Clinton. Its goal was to deal with the ongoing deficit faced by the country through adjustments to the taxation of its citizens. Income rates for the top 1.2% of wage earners were increased to 36 and 39.6 percent. Corporations now paid 35 percent income tax. Medicare’s cap was repealed. It raised the fuel tax to 4.3 cents per gallon. In addition, it put a limit on itemized deductions and raised the taxable portion of Social Security. extended.

Omnibus Budget Reconciliation Act of 1993

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