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  • Writer's pictureLucas Nava

New survey: "55% of Americans say that it would be better to cut government spending and taxes"

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A Scott Rasmussen national survey released Mondaystated that 55% of Americans support cuts to government spending and taxes, and found that 44% of Americans believe that the Democrat-led Inflation Reduction Act of 2022, spearheaded by Sens. Joe Manchin (D-WV) and Chuck Schumer (D-NY), will worsen inflation.

The bill is meant to address the Biden administration's concerns regarding climate change and health care. It includes $433 billion for spending on energy, electric vehicle credits and health insurance, and will raise minimum taxes for large companies and enforce preexisting tax laws, raising taxes by approximately $739 billion, the New York Post reported. The bill advanced in the Senate following a split 50-50 vote, with Sen. Raphael Warnock (D-GA) voting with his party and Vice President Kamala Harris serving as the tiebreaker.

Sen. Bernie Sanders (I-VT), despite voting in favor of the bill, criticized it while on the Senate floor, labelling 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."

The bill, if signed into law, 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, according to a press release.

Further JCT analysis showed that the legislation will cause taxes on taxpayers earning less than $200,000 per year to increase by $16.7 billion in 2023, amounting to a nearly $17 billion tax primarily directed at low- and middle-income households. The 10-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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