Bill Clinton's tenure as the 42nd president of the United States began with his first inauguration on January 20, 1993, and ended on January 20, 2001.
As a member of the Democratic Party, Clinton is known as a New Democrat because many of his policies reflect the centrist "Third Way" political philosophy. Clinton signed the Small Business Jobs Protection Act of 1996 which reduced taxes for many small businesses.
In addition, he signed legislation that increased the tax deduction for independent business owners from 30% to 80% in 1997. The Taxpayer Relief Act reduced some federal taxes. A few months after his first term, he signed the Omnibus Budget Reconciliation Act of 1993, which raised taxes and set the stage for future budget surpluses.
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