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A Scott Rasmussen national survey released on Aug. 8 stated that 55% of Americans support cuts to government spending and taxes.
The same survey found that 44% of Americans believe the Democrat-proposed Inflation Reduction Act of 2022, spearheaded by Sens. Joe Manchin (D-WV) and Chuck Schumer (D-NY), will worsen inflation.
The bill is intended to address the Biden administration's concerns regarding climate change and health care, a recent New York Post report said. It includes $433 billion of new spending for energy, electric vehicle credits and health insurance. It will also raise minimum taxes for large companies and enforce preexisting tax laws, raising taxes by approximately $739 billion. The bill advanced in the Senate following a split 50-50 vote, with Sen. Mark Kelly (D-AZ) voting with his party and Vice President Kamala Harris serving as the tiebreaker.
Sen. Bernie Sanders (I-VT) voted in favor of the bill but criticized it while on the Senate floor. He called it "the so-called Inflation Reduction Act that we are debating this evening, and I say so-called by the way, because according to the CBO and other economic organizations that have studied this bill, it will, in fact, have a minimal impact on inflation."
If the bill becomes law, it will place a 15% tax floor on corporations and raise companies' tax bills until they reach it. The Joint Committee on Taxation (JCT) stated that nearly 50% of the book minimum tax will be felt by the manufacturing industry. Further JCT analysis showed that the legislation will cause taxes on those earning less than $200,000 per year to increase by $16.7 billion in 2023, amounting to a nearly $17 billion tax focused on low- and middle-income earners. The ten-year expanse of the bill will raise the average tax rate for nearly every single income category. By 2031, Americans earning less than $400,000 are expected to feel approximately two-thirds of the impact of the additional tax revenue collected that year.
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