Old North News

The Democrats' Inflation Reduction Act (IRA), which gained the endorsement of North Carolina Democratic U.S. Senate candidate Cheri Beasley in early August, is projected to raise average household taxes by more than $2,000 per year, according to a recent Senate Opportunity Fund (SOF) press release.

An SOF survey also revealed that roughly six in 10 Americans are against the legislation.

"New @SenOppFund poll: 66% of Americans are AGAINST the average American household's $2,120 tax hike provided by the Democrats' Inflation Reduction Act," Erin Perrine, Tag Strategies' vice president said on Twitter.

The nonpartisan Joint Committee on Taxation (JCT) has confirmed that the act would increase taxes for all income categories, with the average household paying more than $2,120 annually in taxes.

In early August, Beasley expressed her support for the Inflation Reduction Act in a Twitter post.

"Both NC senators just voted against the Inflation Reduction Act, which would lower costs at a time when millions of families are struggling," Beasley stated in an Aug 7 tweet. "North Carolinians deserve more; as senator, I will always fight for the people — not cower to corporate special interests."

Additionally, JCT estimates suggest taxes on individuals making less than $200,000 would increase by $16.7 billion in 2023, according to a separate SOF press release.

"The 10-year window will increase the average tax rate for nearly every single income category and by 2031," the SOF press release stated. "Americans earning less than $400,000 are projected to bear as much as two-thirds of the burden of the additional tax revenue collected that year."

JCT points out that this nearly $17 billion tax hike on low- and middle-income taxpayers will take place during a period of stagflation.

The JCT study also indicates that the bill's tax hikes impose such a heavy burden on lower- and middle-income Americans that any purported tax credit gains would only benefit a small portion of people.

In 2023, taxes are anticipated to increase for 24.6% of taxpayers earning $10,000 to $20,000, 61.7% of taxpayers earning $40,000 to $50,000, 91.3% of taxpayers earning $75,000 to $100,000 and 97.2% of taxpayers earning $100,000 to $200,000.

The SOF survey also revealed that 68% of U.S. residents feel that Biden and Democrats aren't making sufficient enough efforts to combat inflation.

This survey was comprised of 43% liberal voters and 67% of moderate voters.

The SOF survey was conducted nationwide among 800 potential general election voters between Aug. 11-14.