Public Found Skeptical of New Tax Law

The American public is highly skeptical of the sweeping tax bill that President Reagan signed into law today, a new survey indicates. Nineteen percent said they favor it, 16% are opposed and 65% have no opinion.

“Americans and Their Money 1986,” sponsored by MONEY magazine and released today, also shows Americans have gone considerably deeper into debt this last year and many blame Reagan, although they do not believe life would be any better under a Democratic administration.

Sixty percent believe their standard of living is comfortable, compared with 59% last year, 66% in 1984 and 68% in 1983, the survey shows.

Almost half of all Americans are dissatisfied with their finances, 37% of U.S. households argue about money and nearly one in three adults thinks a fatter wallet would improve his or her sex life.

The results are based on two sets of interviews: a 12-page questionnaire sent to 2,555 adult Americans and a telephone interview conducted for responses to the tax law, sampling 511 households nationwide Oct. 15-17.