Omnibus Budget Reconciliation Act of 1993
Budget Provisions (Title XIV)
The Omnibus Budget Reconciliation Act of 1993, was President Bill Clinton’s fiscal year 1994 budget (his first). The budget requested, and achieved, tax increases (on high income earners), reductions in discretionary appropriations spending, and extended the procedural elements of the Budget Enforcement Act of 1990 (Pub. L. 101-508).
See Public Law 103-66, Omnibus Budget Reconciliation Act of 1993, for basic information.
Included in the Act as enacted:
OBRA 1993 established new individual tax brackets:
36% bracket on income over $115,000, and
39.6% for income over $250,000.
Before Enactment: Top individual tax rate had been 31% for income over $51,900
OBRA 1993 established new corporate tax brackets:
35% for income from $10 million to $15 million;
38% for income from $15 million to $18.33 million, and
35% for income above $18.33 million.
Before Enactment: Corporate income above $335,000 was taxed at 34%.
General: The 2.9% Medicare tax had previously been capped to apply to only the first $135,000 of income. The cap was removed. Transportation fuels taxes were raised by 4.3 cents per gallon. The portion of Social Security benefits subject to income taxes was raised from 50% to 85%. The phaseout of the personal exemption and the limit on itemized deductions were permanently extended. The AMT tax rate was increased from 24% to tiered rates of 26% and 28%.
The Conference Report and the Joint Explanatory Statement of Managers of that Committee was published in the Congressional Record as follows:
Conference Report on the Omnibus Budget Reconciliation Act of 1993 (Pub. L. 103-66) on pages 18786 to 18888;
Joint Explanatory Statement of Managers on pages 18888-19050.
Pub. L. 103-66 Stat At Large Text (107 Stat. 312) (Text of OBRA 1993)
Text of Sections of Title XIV – Budget Provisions
Legislative History for H.R. 2264 (103rd Congress)
|05/25/1993||Introduced in House|
|05/25/1993||The House Committee on The Budget reported an original measure, H. Rept. 103-111, by Mr. Sabo.|
|05/27/1993||Passed/agreed to in House: On passage Passed by recorded vote: 219 – 213 (Roll no. 199).|
|06/25/1993||Passed/agreed to in Senate: Passed Senate in lieu of S. 1134 with an amendment by Yea-Nay Vote. 50-49. Record Vote No: 190.|
|07/15/1993||Conference committee actions: Conference held.|
|07/22/1993||Conference committee actions: Conference held.|
|08/03/1993||Conference committee actions: Conferees agreed to file conference report.|
|08/04/1993||Conference report filed: Conference report H. Rept. 103-213 filed. (text of conference report: CR H5792-6047; text in Bound CR at pp. 18786 to 19050)|
|08/05/1993||Conference report agreed to in House: On agreeing to the conference report Agreed to by recorded vote: 218 – 216 (Roll no. 406).|
|08/06/1993||Conference report agreed to in Senate: Senate agreed to conference report by Yea-Nay Vote. 51-50. Record Vote No: 247.|
|08/10/1993||Presented to President.|
|08/10/1993||Signed by President.|
|08/10/1993||Became Public Law No: 103-66.|