A Majority of Arizonans Support The Inflation Reduction Act
By McKenzie Wilson
In a strong display of unity, Democratic senators, including Joe Manchin and Kyrsten Sinema, came together earlier this week to pass the monumental Inflation Reduction Act. The bill will lower costs for families, ramp up clean energy production — like solar and wind power, which will reduce energy costs and our dependence on foreign oil — and lower prescription drug costs and health insurance premiums for millions of Americans. The bill will be fully paid for by raising taxes on the richest corporations. It will also reduce the national debt by at least $300 billion.
New Data for Progress polling in Arizona shows that the state’s voters support the Inflation Reduction Act by a +30-point margin. This includes Democrats by a +76-point margin and Independents by a +29-point margin.
In addition, Data for Progress finds strong support for important provisions of the bill in the Copper State:
66 percent of Arizonans support the ramping up of production of American-made clean energy technologies like electric vehicles and solar panels, and strengthening our energy supply chains — including 93 percent of Democrats, 66 percent of Independents, and 47 percent of Republicans
76 percent of Arizonans support keeping healthcare costs stable for millions of Americans covered by the Affordable Care Act — including 94 percent of Democrats, 76 percent of Independents, and 63 percent of Republicans
81 percent of Arizonans support reducing the national deficit by at least $300 billion — including 88 percent of Democrats, 80 percent of Independents, and 77 percent of Republicans
89 percent of Arizonans support lowering drug prices — including 93 percent of Democrats, 89 percent of Independents, and 86 percent of Republicans
65 percent of Arizonans support raising the minimum tax rates on large corporations to 15 percent — including 92 percent of Democrats, 68 percent of Independents, and 42 percent of Republicans
72 percent of Arizonans support lowering American energy bills by providing tax credits and other financial incentives for clean and efficient energy technologies — including 92 percent of Democrats, 74 percent of Independents, and 57 percent of Republicans
79 percent of Arizonans support closing tax loopholes to ensure the wealthiest Americans pay their fair share in taxes — including 94 percent of Democrats, 82 percent of Independents, and 66 percent of Republicans
While Senator Sinema opposed prior reconciliation frameworks, she moved the IRA forward on the condition that Senate Democrats remove a provision that would have partly closed the carried interest loophole. Under current rules, carried interest income – compensation paid to private equity and hedge fund managers as a percentage of their investment’s gains, analogous to a commission – is taxed at a much lower rate than ordinary income. The carried interest loophole allows some wealthy Americans, namely private equity and hedge fund managers, to pay a lower tax rate on a significant bulk of their earnings. Closing this loophole would have helped generate $14 billion in revenue and ensure millionaires and billionaires pay their fair share.
We find Arizonans support closing the carried interest loophole by a +51-point margin, including Democrats by a +83-point margin, Independents by a +47-point margin, and Republicans by a +32-point margin.
In sum, the Inflation Reduction Act has broad support among the Arizona electorate. While Senator Sinema will have to explain to her constituents why popular provisions like closing the carried interest loophole did not make it into the final package, elected officials representing the Copper State would be wise to heed these findings and run on the IRA come November.
McKenzie Wilson (@McKenzieAWilson) is the Communications Director at Data for Progress.