OBRA 1993
Omnibus Budget Reconciliation Act of 1993
§ LEGISLATIONtax· 1993
What It Did
Raised the top individual income tax rate from 31% to 39.6% and the corporate rate from 34% to 35%, while expanding the Earned Income Tax Credit for low-income workers. The deficit-reduction package passed without a single Republican vote and preceded the budget surpluses of the late 1990s.
The Vote
House · 218–216 (passage)
D
218 YEA · 41 NAY
R
0 YEA · 175 NAY
Senate · 51–50 (passage)
D
51 YEA · 6 NAY
R
0 YEA · 44 NAY
Key Sponsors
→ Martin Olav Sabo (D-MN) · House
→ Jim Sasser (D-TN) · Senate
Sources: Congress.gov · VoteView · FRED
In the Years Following
Economic indicators related to this law, showing 5 years before through 10 years after.
Gini Index (Inequality)
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Real Median Household Income
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Corporate Profits After Tax
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Unemployment Rate
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Many factors influence economic outcomes. This chart shows trends in the years surrounding this legislation — not necessarily caused by it.