Omnibus Budget Reconciliation Act of 1993 - Specifics

Specifics

• It created 36 percent and 39.6 income tax rates for individuals in the top 1.2% of the wage earners.
• It created a 35 percent income tax rate for corporations.
• The cap on Medicare taxes was repealed.
• Transportation fuels taxes were raised by 4.3 cents per gallon.
• The taxable portion of Social Security benefits was raised.
• The phase-out of the personal exemption and limit on itemized deductions were permanently extended.
• Part IV Section 14131: Expansion of the Earned Income Tax Credit and added inflation adjustments