Voters Support Key Provisions Funding the Inflation Reduction Act
By Sabrina Jacobs and Meg Farley
On August 16, the landmark Inflation Reduction Act was signed into law. This package supports workers, lowers healthcare and energy costs, expands Medicare benefits, invests in the future of vulnerable communities, and makes historic climate investments.
Closing tax loopholes for corporations and the wealthiest Americans pays for the Inflation Reduction Act. This law raises the minimum corporate tax to 15 percent for corporations with over $1 billion in annual profits, places a 1 percent surcharge on corporations that buy back their own stocks to inflate the stock price, and empowers the Internal Revenue Service (IRS) to go after tax-dodging corporations, billionaires, and multimillionaires. The law also ensures that taxes won’t be raised on families and small businesses making $400,000 or less a year. Ultimately, the provisions of this law are paid for by raising taxes on corporations and ensuring that the uber-rich are actually paying taxes, while still protecting families and small businesses.
A new poll by Data for Progress finds that voters support key provisions that will pay for the Inflation Reduction Act. Sixty-eight percent of voters support raising the corporate tax rate to 15 percent for corporations making over $1 billion annually. Furthermore, 59 percent of voters are in favor of funding the IRS, which will help enforce tax laws on multimillionaires, billionaires, and large corporations. Data for Progress also finds that 56 percent of voters support creating a 1 percent tax on corporations that buy back their own stock.
The Inflation Reduction Act is a crucial piece of legislation that will provide support for workers and make key investments in climate. The provisions helping to pay for the bill will ensure that multimillionaires and billionaires are paying their fair share of taxes and that corporations aren’t utilizing tax loopholes. Voters clearly understand the urgency of the Inflation Reduction Act and support the provisions that will help it succeed.
Sabrina Jacobs is a digital fellow at Data for Progress.
Meg Farley is a communications intern at Data for Progress.