‘Politicians failed marketing class’ Americans believe IRA bill will not decrease inflation
almost 2 years in news
A recent The Economist/YouGov poll found most Americans support the Inflation Reduction Act (IRA) but do not think it will decrease inflation.
According to YouGov, 40 per cent said it will increase inflation, 12 per cent said it will decrease it, and 23 per cent said it won’t change it.
The bill was introduced by US Senator Joe Manchin and Senate Majority Leader Chuck Schumer.
It passed both the Senate and House – with President Joe Biden set to sign it into law Tuesday (local time).
The $USD739 billion IRA bill aims to combat climate change, slash the costs of prescription drugs, and cut the deficit.
It will also alter the treatment of big corporations under the United States' tax code.
However, critics of the deal have lambasted the $USD80 billion set aside to fund 87,000 more IRS agents to hunt down tax evaders.
Sky News host James Morrow suggested these new tax hires would not just be coming after America's wealthiest but the country's working middle class.
"They are going after small and medium sized businesses, they're going after churches, they're going after conservative organisations," he said.
"Because the fact of the matter is – there's simply not enough billionaires that we're supposed to be getting all our money from, for these 87,000 agents to go after."
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