Increased income tax rates for high earners under President Clinton, aiming to reduce the budget deficit.
Significance
- Marked a reversal of the Reagan tax cuts and reignited discussions on progressive taxation and income inequality.
- Increases in top Income tax rate raised from 31% to 39.6%, Corporate taxes, and Fuel taxes
- Spending cuts in Discretionary and Entitlement Reform, Reduction in Deficit
- Lowered Capital Gains rate from 28% to 20% for Long Term assets
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