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Omnibus Budget Reconciliation Act of 1993

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Omnibus Budget Reconciliation Act of 1993
Legislation in the United States that raised taxes and cut some government spending in order to reduce the federal deficit. It cut spending on entitlement programs by $42 billion while creating higher tax brackets for some wealthy individuals and corporations. The Act came out of a theory that large deficits lead to inflation; this theory was rejected by both New Deal liberals and supply-side economics conservatives, both of whom believed that deficits are relatively unimportant. While the theory behind the Act remains controversial, it led to a projected budget surplus toward the end of the 1990s.


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House Committee Report to the Omnibus Budget Reconciliation Act of 1993, P.
Under the Omnibus Budget Reconciliation Act of 1993, that portion of your membership dues used by the Montana Nurses' Association and the American Nurses Association for lobbying expenses is not deductible as an ordinary and necessary business expense.
Attorneys detailed how the Omnibus Budget Reconciliation Act of 1993 establishes a tax penalty on association lobbying activities, and urged the court to eliminate the unconstitutional aspects of the law.
 
 
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