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Omnibus Budget Reconciliation Act of 1993


 

The Omnibus Budget Reconciliation Act of 1993 (or OBRA-93) was passed by the 103rd United States Congress and signed into law by President Bill Clinton.

Related Topics:
103rd United States Congress - President - Bill Clinton

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It created 36 percent and 39.6 percent tax rates for individuals, and created a 35 percent rate for corporations. The cap on Medicare taxes was repealed, transportation fuels taxes were hiked by 4.3 cents per gallon, and the taxable portion of Social Security benefits was raised.

Related Topics:
Medicare - Social Security

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The phase-out of the personal exemption and limit on itemized deductions were permanently extended.

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