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Signed into law by President George H. W. Bush on November 5, 1990 [1] The Omnibus Budget Reconciliation Act of 1990 ( OBRA-90 ; Pub. L. 101–508 , 104 Stat. 1388 , enacted November 5, 1990 ) is a United States statute enacted pursuant to the budget reconciliation process to reduce the United States federal budget deficit.
On November 5, 1990, Bush signed the Omnibus Budget Reconciliation Act of 1990. [13] Among other provisions, this raised multiple taxes. The law increased the maximum individual income tax rate from 28 percent to 31 percent, and raised the individual alternative minimum tax rate from 21 percent to 24 percent.
The phrase Bush tax cuts refers to changes to the United States tax code ... or the Omnibus Budget Reconciliation Act of 1990. ... average tax increase of ...
George H.W. Bush, 1989-93 ... The Omnibus Budget Reconciliation Act of 1990 raised the top tax rate from Ronald Reagan’s 28% up to 31%. While it wasn’t the biggest tax increase in history, it ...
By Elizabeth Barber BOSTON (Reuters) - Former U.S. President George H.W. Bush showed courage in breaking his "read my lips: no new taxes" campaign pledge to broker a 1990 budget compromise that ...
The tributes to former President George H.W. Bush have focused on his life of service, his character, his sense of humor, his courage and his leadership. In a eulogy Wednesday at the Washington ...
The final deficit reduction deal, the Omnibus Budget Reconciliation Act of 1990, derived 28% of its savings from tax increases including an increase in the top income tax rate, but the gasoline tax was not raised. Trims in Medicare and discretionary spending were also included in the deal.
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