Omnibus Budget Reconciliation Act of 1993

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

We are a Non-Profit

Tax Project Institute is a fiscally sponsored project of MarinLink, a California non-profit corporation exempt from federal tax under section 501(c)(3) of the Internal Revenue Service #20-0879422.