Omnibus Budget Reconciliation Act of 1990
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The Omnibus Budget Reconciliation Act of 1990 (or OBRA-90, Pub.L. 101-508, 104 Stat. 1388) was a United States statute enacted pursuant to the budget reconciliation process to reduce the United States federal budget deficit.
It increased income taxes by creating a new 31 percent individual income tax rate, but capped the capital gains rate at 28 percent. Personal exemptions were temporarily phased out through 1995.
The tax limit cap on Medicare taxes was raised from a $53,400 income to $125,000 in income. Itemized deductions were temporarily limited through 1995.
The gasoline tax was temporarily extended and increased through September 30, 1995. Air transportation excise taxes were extended and increased through 1995. The telephone excise tax put into place in 1898 as a tax on the rich was permanently extended.
It was signed into law by President George H.W. Bush on November 5, 1990, counter to his 1988 campaign promise not to raise taxes. This became an issue in the presidential election of 1992.
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