June 25, 1993(Key vote)
Title: Omnibus Budget Reconciliation Act of 1993
Vote Smart's Synopsis:
Vote to pass a bill that raises income tax rates and establishes fuel and energy excise taxes aimed at reducing the budget deficit.
Establishes an excise tax on all refined petroleum products, natural gas, coal and electricity beginning July 1, 1994 (Sec. 4441-4444).
Establishes a tax on any fossil fuel used for manufacturing or producing a fuel or using it as a fuel (Sec. 4451).
Raises the gasoline and diesel fuel tax for use in the Highway Trust Fund (Sec. 4081).
Repeals the luxury tax, with the exception of a 10 percent tax on passenger vehicles costing more than $30,000 (Sec. 14161).
Raises the tax rate and imposes a surtax on individuals or married couples who earn more than $200,000.
Increases the tax rate to 35 percent for businesses that earn more than $10 million (Part II, Sec. 14221).
Limits discretionary spending for foreign affairs, the Defense department and other federal programs for the next five fiscal years (Title VII, Sec. 602).
NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.