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3 Cards in this Set
- Front
- Back
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North American Free Trade Agreement (1992)
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Agreement entered into by Canada, Mexico, and the United States in December 1992 and which took effect on January 1, 1994 to eliminate the barriers to trade in, and facilitate the cross-border movement of goods and services between the countries.
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Clinton Tax Plan of 1997
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A federal law enacted by 103rd United States congress and signed into law by President Clinton. It created 36 percent and 39.6 income tax rates for individuals in the top 1.2% of the wage earners.It created a 35 percent income tax rate for corporations. The cap on Medicare taxes was repealed. Transportation fuels taxes were raised by 4.3 cents per gallon. The taxable portion of Social Security benefits was raised. The phase-out of the personal exemption and limit on itemized deductions were permanently extended. Part IV Section 14131: Expansion of the Earned Income Tax Credit and added inflation adjustments.
In other words: tax cuts for middle and lower-class families but not upper-class people. |
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Gramm-Rudman-Hollings Act
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This law provided for automatic across-the-board spending cuts ("sequesters") to take effect if the president and Congress failed to reach established targets; because the automatic cuts were declared unconstitutional, a revised version of the act was passed in 1987; it failed to result in reduced deficits because leaders found ways around the requirements of the law.
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