A new report by a tax watchdog group reveals that U.S. consumers will see $2.8 billion in utility savings after President Donald Trump’s tax cuts — and 102 utilities are passing on the savings to their customers across the country.
“This means lower electric bills, lower gas bills, and lower water bills for Americans,” Americans for Tax Reform said in a statement.
“The Tax Cuts and Jobs Act cut the corporate rate from 35% to 21%. Utility companies are passing on the tax savings in the form of lower rates for customers,” they added.
“When Democrats threaten to raise taxes if they get back into power they are threatening to raise your utility bill — month after month,” Grover Norquist, president of Americans for Tax Reform, said.
However, under Trump, those bills have been going down.
Take, for instance, Cincinnati-based Duke Energy Ohio, which is passing on $20 million to their customers.
“The tax act provides a unique opportunity for us to reduce customers’ bills by millions of dollars,” Jim Henning, president of Duke Energy Ohio and Kentucky, said in a statement.
“And that’s exactly what we’re doing here — delivering real savings to out customers.”
Consumers Energy of Jackson, Michigan, meanwhile, is going to be saving their customers 10 times as much.
In January, the company issued a statement that said they were “pleased to submit a proposal to the Michigan Public Service Commission that would lower customer bills starting in 2018 by approximately $200 million, as a result of the recent federal tax reform changes.”
“We are thrilled to be able to pass along 100 percent of the savings from tax reform to the people we are privileged to serve. This underscores our commitment to people, planet and prosperity for all of Michigan.”
And then there was Tampa Electric, which announced back in March that it wouldn’t be charging their customers anything extra, even after the damage caused by Hurricane Irma.
“Because of recent changes made to the federal tax law, customers will directly benefit,” they noted in a press release.
“What Tampa Electric would have paid in corporate income taxes will instead be used to the cost of restoring power after Hurricane Irma and several other earlier named. Additionally, Tampa Electric bills will reflect the ongoing benefits from tax reform starting in 2019.”
So, the Republican tax cuts save most American families when it comes to their tax bill, and it saves them again when it comes to secondary benefits, such as a better economy, lower utility bills and raises. Meanwhile, the Democrats keep on decrying the “GOP tax scam,” which is the three-word phrase they’ve all settled upon to describe the tax cuts.
The thing is, more and more Americans are finding out exactly what the Trump administration’s tax cuts mean for them — and they approve wholeheartedly. They’re also going to realize that all of that will go away if the Democrats get elected. Whether or not that will help form a beachhead against a “blue wave” remains to be seen, but conservatives could certainly hope for worse.
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