In 1993, President Clinton ushered through Congress a large package of tax increases, which included the following:

An increase in the individual income tax rate to 36 percent and a 10 percent surcharge for the highest earners, thereby effectively creating a top rate of 39.6 percent.

Repeal of the income cap on Medicare taxes. This provision made the 2.9 percent Medicare payroll tax apply to all wage income. Like the Social Security payroll tax base today, the Medicare tax base was capped at a certain level of wage income prior to 1993.

A 4.3 cent per gallon increase in transportation fuel taxes.

An increase in the taxable portion of Social Security benefits.

A permanent extension of the phase-out of personal exemptions and the phase-down of the deduction for itemized expenses.

Raising the corporate income tax rate to 35 percent.

According to the original Treasury Department estimates, the Clinton tax hike was to raise federal revenues by 0.36 percent of gross domestic product (GDP) in its first year and by 0.83 percent of GDP in its fourth year, when all provisions were in effect and timing differences associated with near-term taxpayer behaviors had sorted themselves out. In 2007, the fourth-year effect would be roughly equivalent to an increase in the federal tax burden of about $114 billion. (Tax Cuts, Not the Clinton Tax Hike, Produced the 1990s Boom by J.D. Foster, Ph.D., http://www.heritage.org/Research/Taxes/wm1835.cfm).

A democrat proposing higher tax rates? Now that's a first.

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