ATR: Plurality of Voters View Inflation Reduction Act as a Failure

WASHINGTON, Sept. 21, 2023 /PRNewswire/ -- Americans for Tax Reform released the following statement:

According to a new poll from HarrisX commissioned by Americans for Tax Reform, a plurality of voters deem the Inflation Reduction Act (IRA) as a failure. Voters are twice as likely to say the IRA increased inflation, they oppose the bill's use of Medicare savings to fund green energy subsidies, they distrust the government to set prices for drug costs, and they are concerned about foreign countries accessing the bill's green tax credits.

One year after its passing, the plurality of voters deemed the IRA as a failure and were more likely to say the law increased inflation, rather than decreased it:

• A plurality of U.S. voters, 39 percent, deem the IRA as a failure, including half of those aged over 65. Only 25 percent said they considered the IRA a success so far.
  
  
• A plurality of U.S. voters, 43 percent, say they feel the IRA has increased inflation, while just 18 percent said it decreased inflation.
  
  
• 59 percent of Republicans said the IRA increased inflation, along with 39 percent of Independents. Even a plurality of Democrats said it increased inflation — 31 percent — compared to 29 percent who said it decreased inflation.

A primary component of the IRA was its implementation of drug price controls. About $280 billion of the Medicare savings from these caps went to pay for green energy subsides instead of lowering Medicare users' prescription drug costs. These subsidies include a $7,500 tax credit for luxury electric vehicles, a $4,000 previously-owned electric vehicle credit, an annual $1,200 credit for "energy efficient" doors and windows, and more.

The HarrisX poll indicated that U.S. voters both oppose this use of Medicare savings and distrust the government to set drug prices to lower out-of-pocket costs:

• Voters overwhelmingly oppose the IRA's use of Medicare savings, with 8 percent saying that those savings should be applied to lower users' prescription drug costs before being made available for unrelated tax credits such as green tax credits.
  
  
• A plurality of U.S. voters, 40 percent, distrust the federal government to decide the price of prescription drugs, so that Americans will actually see lower prices at the counter.
  
  
• Over 3 in 5 Republicans distrust the federal government to set prices.
  
  
• Independents are in line with the average, with 38 percent distrusting the government to set prices.

The IRA's green energy credits being accessible to certain foreign entities was also a major concern for U.S. voters:

• 68 percent of U.S. voters support barring access to green tax credits for companies coming from foreign entities of concern like China, Russia, and North Korea, reaching 81 percent of Republicans, 66 percent of Independents, and 59 percent of Democrats.

The poll was conducted between September 18 – 19 among 1,006 registered voters. The sampling margin of error of this poll is plus or minus 3.1 percentage points and results reflect a nationally representative sample of registered voters.

SOURCE Americans for Tax Reform