Omnibus Budget Reconciliation Act

Omnibus Budget Reconciliation Act

About Omnibus Budget Reconciliation Act:

OF 1993 legislation signed into law by President Clinton after passing both House and Senate by the narrowest of margins. Some highlights include tax rate increases for high income earners (new 36% and 39-6% tax brackets) and higher alternative minimum tax rates. Social Security recipients with incomes above $44,000 ($34,000 if single) may have to pay tax up to 85% of their benefits. The act also increases the gasoline tax by 4.3 cents and raises the corporate tax to 35% for income above $1 million.

See Corporate Tax in the U.S. Legal Encyclopedia and Corporate Tax in the International Legal Encyclopedia.

see Tax Code in the U.S. Encyclopedia and Tax Code in the Global Encyclopedia.

See Tax Rate and Tax Rate.


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