4.1. Most registered voters have not heard much about the Inflation Reduction Act of 2022.
On August 16, 2022, President Joe Biden signed the Inflation Reduction Act (IRA) into law. The law aims to curb inflation by reducing the federal deficit, lowering prescription drug prices and the cost of health insurance, modernizing the Internal Revenue Service, and investing in U.S. clean energy production. The law authorizes $391 billion for developing clean energy and addressing global warming, including tax incentives and rebates to help consumers and businesses buy energy-efficient appliances, solar panels, electric vehicles, etc. The IRA also includes support for clean energy jobs and investments in communities that are most harmed by air and water pollution. It is the largest investment the U.S. government has ever made to reduce global warming, and it is projected to help the U.S. reduce its carbon pollution 40% by 2030. The law will be paid for by closing tax loopholes.
A majority of registered voters (58%) have heard at least “a little” about the Inflation Reduction Act of 2022 (IRA; refer to data tables, p. 49), but only 36% have heard either “a lot” (12%) or “some” (24%) about it. Liberal Democrats (43%) and conservative Republicans (42%) are the most likely to have heard “a lot” or “some” about the IRA, while fewer moderate/conservative Democrats (31%) or liberal/moderate Republicans (23%) have. About four in ten registered voters (41%) have heard “nothing at all” about the IRA.
4.2. A majority of registered voters support the Inflation Reduction Act of 2022.
After reading a brief description of the Inflation Reduction Act (IRA), a large majority of registered voters (71%) say they support it (35% “strongly support” and 35% “somewhat support”; refer to data tables, p. 49). Nearly all liberal Democrats (97%) and a large majority of moderate/conservative Democrats (92%) support the IRA, as do about seven in ten liberal/moderate Republicans (71%; an increase of 14 percentage points since we last asked this question in Spring 2023). By contrast, one in three conservative Republicans support the IRA (33%), while 66% oppose it (including 43% who strongly oppose it).
4.3. Fewer than half of registered voters think the Inflation Reduction Act (IRA) will help them or the country. However, some of these numbers have increased over the past year.
Fewer than half of registered voters think the Inflation Reduction Act (IRA) will help the following groups of people or the country, including: