Biden's Corporate Tax Hike Will Raise Your Utility Bills

Share on Facebook
Tweet this Story
Pin this Image

Posted by John Kartch and Michael Mirsky on Friday, June 4th, 2021, 11:02 AM PERMALINK

A vote for a corporate income tax hike is a vote for higher utility bills.

If President Biden and Democrats hike the corporate income tax rate, households and businesses will get stuck with higher utility bills as the country tries to recover from the pandemic.

Democrats plan to impose a corporate income tax rate increase to 28%, higher than communist China's 25%. This does not include state corporate income taxes, which average another 4 - 5% nationwide.

Customers bear the cost of corporate income taxes imposed on utility companies.

Electric, gas, and water companies must get their billing rates approved by the respective state utility commissions. When the 2017 Tax Cuts and Jobs Act cut the corporate income tax rate from 35% to 21%, utilities worked with state officials to pass along the tax savings to customers. The savings come in the form of a rate reduction, a bill credit, or a reduction to an existing or planned rate increase. Americans for Tax Reform has compiled a 90-second nationwide utility savings video from local news reports which may be viewed here.

After completing a 50-state review of utility commission documents and local news sources, Americans for Tax Reform has compiled 300 examples of utilities passing tax savings along to customers.

You can view the 50 state lists below, and a full national compilation here.

According to a report published in the trade publication Utility Dive, customers nationwide were to receive a $90 billion utility benefit from the Tax Cuts and Jobs Act:

Estimates derived from 2017 annual SEC 10-K filings indicate that the 14-percentage-point reduction in the corporate tax rate enacted under the 2017 Tax Cuts and Jobs Act (TCJA) resulted in investor-owned utilities establishing significant regulatory liability balances, totaling approximately $90 billion to be refunded back to customers.

If Democrats now impose a corporate income tax rate increase, they will have to reckon with constituents and local news coverage noting utility bills are going up.

The 50 state lists are below:

ALABAMA

Alabama Residents Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/alabama-residents-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

ALASKA

Alaska Residents Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/alaska-residents-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

ARIZONA

Arizonans Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/arizonans-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

ARKANSAS

Arkansas Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/arkansas-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

CALIFORNIA

California Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/california-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

COLORADO

Colorado Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/colorado-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

CONNECTICUT

Connecticut Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/connecticut-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

DELAWARE

Delaware Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/delaware-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

FLORIDA

Florida Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/florida-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

GEORGIA

Georgia Residents Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/georgia-residents-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

HAWAII

Hawaii Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/hawaii-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

IDAHO

Idaho Residents Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/idaho-residents-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

ILLINOIS

Illinois Residents Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/illinois-residents-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

INDIANA

Indiana Residents Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/indiana-residents-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike 

IOWA 

Iowans Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/iowans-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

KANSAS

Kansas Residents Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/kansas-residents-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

KENTUCKY

Kentucky Residents Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/kentucky-residents-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

LOUISIANA

Louisiana Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/louisiana-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

MAINE

Maine Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/maine-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

MARYLAND

Maryland Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/maryland-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

MASSACHUSETTS

Massachusetts Residents Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/massachusetts-residents-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

MICHIGAN

Michigan Residents Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/michigan-residents-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

MINNESOTA

Minnesotans Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/minnesotans-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

MISSISSIPPI

Mississippi Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/mississippi-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

MISSOURI

Missouri Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/missouri-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

MONTANA

Montanans Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/montanans-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

NEBRASKA

Nebraska Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/nebraska-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

NEVADA

Nevada Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/nevada-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

NEW HAMPSHIRE

New Hampshire Residents Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/new-hampshire-residents-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

NEW JERSEY

New Jersey Residents Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/new-jersey-residents-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

NEW MEXICO

New Mexico Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/new-mexico-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

NEW YORK

New York Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/new-york-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

NORTH CAROLINA 

North Carolina Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/north-carolina-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

NORTH DAKOTA

North Dakotans Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/north-dakotans-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

OHIO

Ohioans Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/ohioans-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

OKLAHOMA

Oklahoma Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/oklahoma-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

OREGON

Oregon Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/oregon-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

PENNSYLVANIA

Pennsylvanians Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/pennsylvanians-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

RHODE ISLAND

Rhode Island Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/rhode-island-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

SOUTH CAROLINA 

South Carolina Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/south-carolina-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

SOUTH DAKOTA

South Dakota Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/south-dakota-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

TENNESSEE

Tennessee Residents Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/tennessee-residents-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

TEXAS

Texas Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/texas-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

UTAH

Utah Residents Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/utah-residents-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

VERMONT

Vermont Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/vermont-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

VIRGINIA

Virginians Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/virginians-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

WASHINGTON, D.C.

Washington, D.C. Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/washington-dc-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

WASHINGTON STATE

Washington State Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/washington-state-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate

WEST VIRGINIA

Manchin's Corporate Tax Hike Will Stick West Virginians with Higher Utility Bills https://www.atr.org/west-virginians-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

WISCONSIN

Wisconsin Residents Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/wisconsin-residents-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

WYOMING

Wyoming Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/wyoming-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

×