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.
References in periodicals archive ?
The Omnibus Budget Reconciliation Act of 1993 (alternatively known as the "Deficit Reduction Act of 1993") is sometimes given credit for the four-year interlude from red ink in FYs 1998-2001.
The Vaccines for Children (VFC) program was created by the Omnibus Budget Reconciliation Act of 1993 (1) and first implemented in 1994.
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The luxury taxes were short-lived, however, and Congress repealed the taxes on aircrafts, boats, furs, and jewelry with the Omnibus Budget Reconciliation Act of 1993, effective on or after January 1, 1993.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.
In particular, the possessions tax credit was debated as part of the Tax Reform Act of 1976 (Chapter 3), the Tax Equity and Fiscal Responsibility Act of 1982 (Chapter 4), the Tax Reform Act of 1986 (Chapter 5), and the Omnibus Budget Reconciliation Act of 1993 (Chapter 6).
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.