ECO-202 Milestone 2.pptx - Milestone 2 Ryuto Sawada ECO 202 Milestone Two ECO 202 Fiscal Policy Omnibus Reconciliation Act of 1993 • Created to combat

ECO-202 Milestone 2.pptx - Milestone 2 Ryuto Sawada ECO 202...

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ECO 202 Milestone 2 Ryuto Sawada ECO 202 Milestone Two
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ECO 202 Fiscal Policy Omnibus Reconciliation Act of 1993 Created to combat CBO’s budget prediction Encourage economic growth Redistributing tax burden
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ECO 202 Fiscal Policy Action Omnibus reconciliation act of 93, were targeted to reduce federal budget deficit and revitalize the economy. New individual tax bracket for income above $115,000 and $250,000 New corporate tax bracket for income between $10 – 15 million, $15 – 18.33 million, and above $18.33 million The phase-out of the personal exemption and the itemized deduction were permanently removed Increase government spending and lean out federal employment
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Unformatted text preview: ECO 202 Fiscal Policy Impact The unemployment rate dropped below 4% by the year 2000. GDP also saw steady growth under tenure of Clinton administration. ECO 202 References FRED: Real Gross Domestic Product. (Aug 2017) Federal Reserve Bank of St. Louis retrieved September 17, 2017 fromhttps://fred.stlouisfed.org/series/A191RL1Q225SBEA Bureau of labor statistic : Databases, Tables & Calculators by Subject (September 17, 2017) U.S. Bureau of Labor Statistics retrieved from CBO Testimony (March 16,1993) Statement of Robert D. Reischauer Director Congressional Budget Office...
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