The Omnibus Budget Reconciliation Act of 1990 (or OBRA-90) was designed to reduce the United States federal budget deficit.

It created a new 31 percent individual income tax rate, and capped the capital gains rate at 28 percent. Personal exemptions were temporarily phased out through 1995. Income tax is a direct tax which is levied on the income of private individuals. ... In finance, a capital gain is profit that is realized from the sale of an asset that was previously purchased at a lower price. ... 1995 was a common year starting on Sunday of the Gregorian calendar. ...

The income cap on Medicare taxes was raised from $53,400 to $125,000. Itemized deductions were temporarily limited through 1995. There are several publicly funded health services in various countries called Medicare: Medicare (Canada) is a comprehensive, universal (for all the citizens and permanent residents in the country) public health financing system. ... 1995 was a common year starting on Sunday of the Gregorian calendar. ...

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 was permanently extended. Petrol (gasoline in the United States and Canada) is a petroleum-derived liquid mixture consisting primarily of hydrocarbons, used as fuel in internal combustion engines. ... September 30 is the 273rd day of the year (274th in leap years) in the Gregorian Calendar, with 92 days remaining, as the final day of September. ... 1995 was a common year starting on Sunday of the Gregorian calendar. ... 1995 was a common year starting on Sunday of the Gregorian calendar. ... A telephone handset A touch-tone telephone dial Telephone This article is about telephone technology. ... An excise is an indirect tax or duty levied on items within a country. ...

It was signed into law by President George H.W. Bush on November 5, 1990, in violation of a 1988 campaign promise on his part not to raise taxes. This became an issue in the presidential election of 1992. For the pop band, see Presidents of the United States of America. ... Order: 41st President Vice President: Dan Quayle Term of office: January 20, 1989 – January 20, 1993 Preceded by: Ronald Reagan Succeeded by: Bill Clinton Date of birth: June 12, 1924 Place of birth: Milton, Massachusetts First Lady: Barbara Pierce Bush Political party: Republican George Herbert Walker Bush, KBE (born June... November 5 is the 309th day of the year (310th in leap years) in the Gregorian Calendar, with 56 days remaining. ... 1990 is a common year starting on Monday of the Gregorian calendar. ... The election was held on November 8, 1988. ... Bush delivering the famous line at the 1988 convention Read my lips: No new taxes was a famous pledge made by Republican Presidential candidate George H.W. Bush at the 1988 Republican convention in his acceptance speech on August 18. ... Notes: Introduction As the 1992 presidential election approached, Americans found themselves in a world transformed in ways almost unimaginable four years earlier. ...