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 problem with our economy is that there is too little employment and too little growth. This plan will do nothing to improve that condition and will actually make it worse.
The impact on job creation is going to be devastating, and the American young people in particular will suffer a fairly substantial deferment of their lives because there simply won't be jobs for the next two to three years to go around to our young graduates across the country.
Like this two-sided coin, the Clinton budget bill has two sides. One side is a tax increase-the largest tax increase in the world, and most Americans know that. But the other side of this coin-of the Clinton budget plan is something else, and it's not spending cuts; it's spending increases: $165 billion in new domestic spending, adding $1.2 trillion to the deficit, growing Government by 20 percent over the next 4 years, all charged to our children and grandchildren. Mr. Speaker, with most coins it is: Heads, you win; tails, you lose; but with the Clinton budget bill it is: Tax increases, the American people lose; spending increases, the American people lose. There is something new about this coin, but there is absolutely nothing new about the Clinton proposal. It is tax and spend: Heads, you lose; tails, you lose.
He is smooth and he is slick and he is a great teleprompter performer, but regardless of how convincing the President may be, this bill is still tax-and-spend, pure and simple. It will not cut the deficit. It will not create jobs. And it will not cut spending. And no matter what you say, you are not going to be able to hide the tax increases in this bill from the American people come next April 15.
Evidence
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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.
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Tax Cuts on the Rich Don't Spur Economic Growth
The Center for American Progress takes apart supply side myths.
