Omnibus Budget Reconciliation Act of 1993

Omnibus Budget Reconciliation Act of 1993

The Omnibus Budget Reconciliation Act of 1993, also called the Deficit Reduction Act, modestly raised taxes and succeeded in wiping out the federal budget deficit for the first time in decades.

The bill added two higher taxes brackets: individual income tax rates of 36 percent and 39.6 (previously 31 percent had been the highest bracket). The bill included a 35 percent income tax rate for corporations and 4.3 cents per gallon increase in transportation fuels taxes.

Cry Wolf Quotes

After careful analysis, I decided that I could not support this package. It goes too far in raising taxes and not far enough in cutting spending….I fear that this package, if enacted as passed by the House, will come back to haunt all of us because of its emphasis on taxes over spending cuts. We must not abandon the more fiscally responsible, new Democrat approach on which we were elected.

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Carolyn Maloney (D-NY), Congressional record.

This is really the Dr. Kevorkian plan for our economy. It will kill jobs, kill businesses, and yes, kill even the higher tax revenues that these suicidal tax increasers hope to gain.

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Rep. Thomas Ewing (R-IL), Congressional Record.

The votes we take today will not be soon forgotten by the American voters. Both votes on the rule and on final passage will lead to more taxes, higher inflation, and slower economic growth.

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Rep. Deborah Pryce (R-OH), Congressional Record.

However Clinton wants to spin his tax plan, the bottom line is this: It will raise your taxes, increase the deficit, and kill over 1 million jobs.

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Rep. Joel Hefley (R-CO), Congressional Record.

Evidence