I am pretty cheap, but I finally folded and paid $99 for a J&G Cyclewear rain jacket (www.bicycleclothing.com). I know it's a bit outside your price range but I think it's worth it, even though I hated to pay that much at first.

I've had it 4 years now and I love this jacket. I wear it at least 100 days a year, including all winter and it's still in great shape, in fact it looks nearly new. It's worth the money I paid for it. I'm happy enough with the durability of this jacket that I just spent another $150 with them buying their high end rain pants, some touring shorts and rain booties. They're also very good stuff.

All made in the US, too.