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Definition of 'Tax Reform Act Of 1993'
Legislation aimed at reducing the federal deficit through a combination of increased taxes and reduced spending. This act was created by the Clinton Administration in 1993 and contained several major provisions for individuals, such as the addition of the 36% tax bracket, an increase in gasoline taxes and an additional tax of 10% on married couples with income above $250,000. It also raised taxation on Social Security benefits and eliminated the tax cap on Medicare.
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Investopedia explains 'Tax Reform Act Of 1993'
This legislation is also known as the Revenue Reconciliation Act of 1993. Individuals were not the only ones affected by this legislation; the corporate tax rate was raised as well, along with a lengthening of the goodwill depreciation period and the elimination of deductibility for congessional lobbying expenses. Many other taxes were raised and deductions reduced or eliminated as well.
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Search results for 'Tax Reform Act Of 1993'
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http://www.investopedia.com/articles/economics/09/us-parties-republican-democrat-taxes.asp
... the Tax Reform Act of 1986, which, among other changes, lowered the highest marginal
tax rate from 50-28%, and reduced the corporate tax rate. In 1993, the ...
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http://www.investopedia.com/articles/tax/10/concise-history-tax-changes.asp
... In 1986 another tax reform act lowered the top rate from 50 ... The '90s and Negative
Tax The republicans did a lot ... 1993 saw modest increases in taxes and 1997 saw ...
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http://financialedge.investopedia.com/financial-edge/1211/How-Taxes-Affect-The-Economy.aspx
... taxes, shrink the federal government and reform the welfare ... This act reduced the
top capital gains rate from ... 20%, instituted a $500 child tax credit, exempted ...
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