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
We have a stagnant economy and there is nothing down the road that makes it look like we're going to have the kind of economic growth that puts people to work.
Taxes will go up. The economy will sputter along. Dreams will be put off and all this for the hollow promise of deficit reduction and magical theories of lower interest rates. Like so many of the President's past promises, deficit reduction will be another cruel hoax. Tax revenues will lag because the economy will fall. Government spending will increase at least another $300 billion a year. And the deficit will reach another record high.
I believe this will lead to a recession next year. This is the Democrat machine's recession, and each one of them will be held personally accountable.
…your economic program is a job killer. Your tax increases on the energy in this country will affect people from the automobile to the schoolhouse to the grocery shelves.
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.
