State Residents Looking at $147 Mil in Energy Savings Thanks to Trump Tax Cut
Because of the tax reform bill President Donald Trump signed into law last year over Democrat opposition, Iowa residents may soon see a reduction in their heating and cooling bills.
By lowering the corporate tax rate from 35 percent to 21 percent, the new tax law is saving businesses of all stripes millions of dollars, and according to the The Des Moines Register, utility companies in Iowa intend to share their savings with their customers by either lowering rates or providing a “tax rider.”
MidAmerican Energy is expected to share savings of between $90.8 million and $112.3 million with customers, while Interstate Power & Light is looking to share savings of between $18.6 million and $19.6 million.
“Alliant’s gas customers could have between $500,000 and $3.7 million returned to them,” the Register’s report continued. “Black Hills Energy would return $1.6 million to its gas customers, the only service it provides in Iowa. And Iowa-American Water Co., which provides service in eastern Iowa, would provide $1.5 million and $1.8 million to customers.”
Combined, this reportedly comes out to a potential $147 million in savings. And all because the president signed a tax reform bill that both liberal Democrats and their allies in the media claimed would rob the working class to benefit the wealthy.
If this is what it means to be robbed, then someone please rob me!
Jokes aside, Iowans are not the only utility consumers slated to benefit “bigly” from the tax bill. Not by a long shot.
Last month CNS News reported that power companies in California, Delaware, Idaho, Illinois, Maryland, Oregon, Utah, Wyoming, and even Washington, D.C., were looking to pass their savings onto their customers.
Even The New York Times, which leans far to the left and hates Trump with a passion, admitted last month that “(t)he newly passed tax law could save Americans billions of dollars on their utility bills.” You think?
“In recent days, electric companies in Massachusetts, Illinois, Oregon and other states have announced plans to pass their tax cuts on to customers through lower rates,” its report read.
“On Tuesday, Pepco, which provides power to nearly 300,000 customers in Washington, D.C., said it would cut rates beginning in the current quarter.”
Yet stunningly, Democrats continue to lambaste Trump’s tax reform bill and have even vowed to repeal certain parts of it.
“We should repeal it and I think we should offer an alternative tax plan, which is we’re going to provide the tax relief to the middle class and the working class,” California Rep. Ro Khanna said, according to The Hill.
Let’s be real here:
What Democrats like Khanna really want is to repeal Trump’s tax bill — which actually offers “tax relief to the middle class and the working class” — and implement a bill that benefits their own wallets instead.
It’s a sick and cynical game they play, but that is, in fact, the reason they’re Democrats.
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