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balanced approach, in which spending cuts exceeded tax increases, reduced the deficit by almost $500 billion over the five-year period.
Third the Clinton tax increases were hardly oppressive. Indeed, as will be noted below 90 percent of Americans were not even touched by the tax increases, and owing to an increase in the earned income tax credit, millions of low-income working people were taxed less than before — five times as many taxpayers had their taxes cut as had their taxes increased.
v' Here are the nuts and bolts of the six separate taxes in the 1993 package:
1. An increase from 31 percent to 36 percent in the top rate for personal income (i.e. $115,000 for single persons; $140,000 on joint returns) plus a 10 percent surcharge on taxable
95.1%