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
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.
This budget calls for new taxes on gasoline and on Social Security, and yet President Clinton as a candidate condemned such taxes. Supporters say this budget reduces spending and will begin to get a handle on the national debt, yet even the President acknowledges that under this budget Federal spending will actually increase more than 20 percent over the next 5 years. And worse, the national debt will actually grow by $1 billion a day. But most importantly, this budget is a job killer-pure and simple.
Do you know what? This is now your package. We will come back here next year and try to help you when this puts the economy in the gutter. And virtually every major economic estimating firm in this country says your bill is going to kill jobs. That is why we are passionate about it.
Day after day, tomorrow after tomorrow, in every purchase they make, every trip they take, in every school, in every church, in every workplace, in every home, in ways that they may not even be aware of, the Clinton energy tax will be a silent, greedy destroyer of their family budget. And they will remember who set loose this dreadful virus into the economic bloodstream of our Nation
Evidence
-
Conservative Commentator Examines the History of Right-Wing Tax Cut Hypocrisy
Hard right-wingers fear-monger in the face of tax increases of both Republican and Democratic administations.
-
Tax Cuts on the Rich Don't Spur Economic Growth
The Center for American Progress takes apart supply side myths.
