Peach Tree Times

The majority of Americans surveyed in a recent national poll oppose the Inflation Reduction Act, a bill that has garnered support from every Senate Democrat, including Sen. Raphael Warnock (D-GA).

The poll, distributed by the Senate Opportunity Fund (SOF), asked 800 likely general election voters their opinion on the legislation, which is expected to raise taxes on almost all working Americans, across all income brackets.

“New Senate Opportunity Fund poll: 66% of Americans are against the average American household's $2,120 tax hike provided by the Democrats' Inflation Reduction Act,” Erin Perrine, vice president of marketing agency Tag Strategies, wrote in an Aug. 17 tweet.

The Inflation Reduction Act of 2022 passed the U.S. Senate in a 51-50 vote in early August, with Warnock being one of the 51 Democrats voting in favor of the bill.

According to an analysis performed by the Joint Committee on Taxation (JCT), the legislation will result in taxes increasing by $16.7 billion in 2023 on taxpayers earning less than $200,000 a year. Individuals earning less than $400,000 a year are projected to bear up to two-thirds of the burden of the additional tax revenue collected in the year 2031.

The JCT analysis also revealed that any tax credit benefits only outweigh the tax hike for a small population.

Nonpartisan research found that in 2023, tax increases would occur for 24.6% of taxpayers earning between $10,000 and $20,000; 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.

The SOF poll, conducted Aug. 11 to 14, also reported that 68% of Americans do not think President Joe Biden and Congressional Democrats are doing enough to stop inflation. This includes 43% of liberal voters and 67% of moderate voters.