Following enactment of TCJA, utility companies across the country worked with state utility commissions to pass along corporate tax rate savings to customers. Americans for Tax Reform has documented over 140 examples. And here is a compilation of national and local television news coverage of same.
The burden of corporate taxes is borne by utility customers, a fact that White House press secretary Jen Psaki seemed to deny today during the press briefing.
It is uncomfortable for the White House and Democrats to acknowledge that a corporate tax rate hike will be borne by households and small businesses that typically operate on tight margins and have considerable heating, cooling, gas, and refrigeration costs. Just as Americans are digging out from the pandemic, Biden and the Democrats are there to whack them with higher costs.
Let’s look at four citations post-TCJA:
The legislation cuts the federal corporate income tax rate from 35% to 21% effective January 1, 2018. This tax cut, in turn, reduces the cost of service for many of Virginia’s major electric, gas and water utilities. – January 8, 2018, Virginia SCC Press Release
The Arizona Corporation Commission is following through on its promise to pass savings created by the Tax Cuts and Jobs Act to Arizona utility ratepayers. As of August, the effort has totaled $189,088,437.– August 24, 2018 Arizona Corporation Commission press release
Click here to see 140 documented examples of utilities passing along savings from the corporate tax rate cut with the Tax Cuts & Jobs Act.