Omnibus Budget Reconciliation Act of 1993


Also found in: Wikipedia.

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.
References in periodicals archive ?
The Omnibus Budget Reconciliation Act of 1993 contained large tax increases on the wealthy and cuts in Medicare, defense, and other spending.
6050P to applicable financial entities as defined in 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.
The luxury taxes were short-lived, however, and Congress repealed the taxes on aircrafts, boats, furs, and jewelry with the Omnibus Budget Reconciliation Act of 1993, effective on or after January 1, 1993.
While I do not intend to suggest that the 1996 Act is irrelevant to the wireless industry, it does not loom nearly as large as, say, the Omnibus Budget Reconciliation Act of 1993 ("OBRA"), (2) which has been far more significant in shaping the growth of the wireless industry.
Several major pieces of legislation became law during her tenure as counsel, including the 1992 Cable Act, the Omnibus Budget Reconciliation Act of 1993, and the landmark Telecommunications Act of 1996.
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.
Under the Omnibus Budget Reconciliation Act of 1993, every state must try to get money back from the estates of former Medicaid recipients who were in long-term nursing-home care.
The maximum was eliminated by the Omnibus Budget Reconciliation Act of 1993.
Section 197 was added to the Code by the Omnibus Budget Reconciliation Act of 1993 and affects taxpayers that acquired intangible property after August 10, 1993, or made a retroactive election to apply the 1993 law to intangibles acquired after July 25, 1991.
Their second essay examines the implications of the cap-lowering provision in the Omnibus Budget Reconciliation Act of 1993.
In August 1993, the Omnibus Budget Reconciliation Act of 1993 (OBRA 1993) changed the self-referral prohibition in several ways, which resulted in Stark II.