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The Omnibus Budget Reconciliation Act of 1993 (or OBRA-93) was a federal law that was enacted by the 103rd United States Congress and signed into law by President Bill Clinton on August 10, 1993. It has also been unofficially referred to as the Deficit Reduction Act of 1993. Part XIII of the law is also called the Revenue Reconciliation Act of ...
In proposing a plan to cut the deficit, Clinton submitted a budget and corresponding tax legislation (the final, signed version was known as the Omnibus Budget Reconciliation Act of 1993) that would cut the deficit by $500 billion over five years by reducing $255 billion of spending and raising taxes on the wealthiest 1.2% of Americans. [5]
During his speech, President Clinton proposed tax increases and spending cuts intended to reduce the federal deficit by 38 percent over four years while revitalizing the nation's economy. [ 1 ] [ 2 ] The President hailed the upcoming completion of the North American Free Trade Agreement .
The U.S. reported budget surpluses in only four years between 1970–2020, during fiscal years 1998–2001, the last four years budgeted by President Bill Clinton. These surpluses are attributed to a combination of a booming economy, higher taxes implemented in 1993, spending restraint, and capital gains tax revenues. [2]
Clinton presented his budget plan to Congress in February 1993, proposing a mix of tax increases and spending reductions that would cut the deficit in half by 1997. [31] Republican leaders strongly opposed any tax increase, and they pressured congressional Republicans to unite in opposition to Clinton's budget, [ 32 ] and not a single ...
The so-called "Fair Share Surcharge" would be imposed on the two out of every 10,000 taxpayers making more than $5 million a year.
Hillary Rodham Clinton is proposing a new tax break for people caring for aging parents and grandparents.
As Donald Trump declared a $916 million dollar loss in 1995 that experts say could have let him avoid federal income taxes for nearly two decades, Hillary Clinton and her husband paid $75,437 in ...