Connecting my IMac directly to my ISP gives me a download speed of 300 mbps
Got that.....iMac connected directly to the modem is 300 Mbps.
Connecting through my new Time Capsule with Airport reduces my speed to just 90 mbps.
This sounds like you are attempting to check wireless speeds without first checking Ethernet speeds on the Time Capsule. Did you connect your iMac directly to one of the LAN <--> ports using a known, good Ethernet cable.....then, turn off the WiFi on the iMac and check that way?
What was the speed when you checked that way? Or, if you have not done this, now or soon would be a good time to do this. Reason......we cannot troubleshoot a wireless connection without first verifying that wired Ethernet connections are working correctly.