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A Senate Opportunity Fund poll conducted between Aug. 11 and 14 revealed that 66% of Americans are against the $2,120 tax hike on the average American household provided by the Inflation Reduction Act.
The legislation advanced in both the Senate and the House following party-line votes, with all Democrats in favor and all Republicans against, before it was signed by President Joe Biden.
The poll, which surveyed 800 likely general election voters nationwide, also revealed that 68% of Americans do not think that Biden and the Congressional Democrats are doing enough to combat inflation. The results include 43% of liberal voters and 67% of moderate voters.
According to the Joint Committee on Taxation, taxes under the new legislation will increase by $16.7 billion in 2023 on taxpayers earning less than $200,000. This would be a $17 billion tax mainly targeted at low- and middle-income earners during a stagflation period. The 10-year timespan will also increase the average tax rate for nearly every single income category. By 2031, Americans earning less than $400,000 are expected to be hit with approximately two-thirds of the burden of that year's additional tax revenue.
Further JCT analysis also revealed that the bill's impact on lower- and middle-income earners is so great that only a small portion of the general population would experience tax credit benefits which outweigh tax hits. Even considering that, significantly larger numbers of American taxpayers in each income category would still be negatively impacted by a tax increase.
“The [Biden] administration has been very careful to say that the ‘individual income tax rate’ would not change for anyone making less than $400,000 per year, yet everyone knows that the corporate tax burden falls on workers and consumers, as well as owners,” Senate Finance Committee Ranking Member Mike Crapo (R-ID) said. “This analysis shows that burdens of the proposed tax increases in the Democrats’ reckless bill would be so substantial and so widespread throughout all income categories that no amount of temporary health credits, or subsidies for $80,000 luxury SUVs, will overcome the tax increase burdens that would be overwhelmingly felt by lower- and middle-income Americans.”
Additionally, tax increases in 2023 would happen for 24.6% of taxpayers earning between $10,000 and $20,000, as well as 61.7% of those earning between $40,000 and $50,000, 91.3% of those earning between $75,000 and $100,000 and 97.2% of those earning between $100,000 and $200,000.