Americans support Inflation Reduction Act measures
A recent Reuters/Ipsos poll finds broad support for individual measures of Inflation Reduction Act but divided opinions on whether it will actually reduce inflation
Washington, DC, August 10, 2022 – A recent Reuters/Ipsos poll finds Americans are only moderately familiar (41%) with the “Inflation Reduction Act”, bill which has since been passed in the Senate. The bill will now be taken up for discussion by the House of Representatives. For comparison, 64% of Americans say they are familiar with the Affordable Care Act and 36% are familiar with the Tax Cuts and Jobs Act, a bill former President Trump passed in 2017. Based on that initial familiarity, 49% of Americans say they support the bill. Given additional context, such as that Democratic Senators Joe Manchin and Chuck Schumer proposed the legislation and that it includes corporate tax hikes, climate change measures, and changes to the Affordable Care Act, that proportion remains stable (47%). A smaller proportion of Americans say they do not know if they support or oppose the bill after being given additional information (20%, compared to 30% initially), with respondents more likely to move towards opposing it (32%, compared to 21% initially).
When it comes to specific provisions in the law, Americans are most supportive of allowing Medicare to negotiate drug prices with pharmaceutical companies (71%), incentives to lower the cost of all forms of renewable energy (65%), extending health insurance subsidies for middle-income Americans getting insurance through the Affordable Care Act (64%), and making it more difficult for investors to take advantage of capital gains loopholes in the tax code (62%). Americans are least like to support giving tax credits to those earning $150,000 or less to buy electric cars (49%) and increasing funding for the IRS to chase down people who don’t pay their taxes (49%).
In terms of the law’s potential impact, 62% of Americans think that it is likely that taxes will be raised on the middle class and 69% think taxes will be raised on the wealthy and corporations. Half of Americans also think that the bill would help the US dramatically reduce greenhouse gas emissions (50%), and that inflation would decline over the next year (48%).
About the Study
These are some of the findings of an Ipsos poll conducted between August 3-4, 2022. For this survey, a sample of 1,100 Americans age 18+ from the continental U.S., Alaska, and Hawaii were interviewed online in English. The sample includes 386 Democrats, 323 Republicans, and 391 independents. Weighting was then employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ± 3.6 percentage points, 19 times out of 20, had all Americans been polled. The credibility interval will be wider among subsets of the population. All sample surveys and polls may be subject to other sources of error, including but not limited to coverage error and measurement error. The poll also has a credibility interval of ± 6.1 percentage points for Democrats, ± 6.7 percentage points for Republicans, and ± 6.1 percentage points for independents.
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