More signs of the Armageddon for liberals.
Remember Democrats warning about the “end of the world” if the Republican tax cuts passed?
Children orphaned, old ladies dying in the street, factories crumbling into dust. That was their ominous warning if Americans got a tax cut.
Of course, quite the opposite has come to pass.
Companies announced they were hiring, the stock market rocketed to new records, and more than one million Americans got employee bonuses.
Americans for Tax Reform is compiling a list of all the companies offering bonuses to their employees as a direct result of the tax cut that corporations will see from the Republican plan.
Now the other shoe is dropping. Several major utility firms have announced plans to cut rates directly related to the lower taxes.
Everything from Rocky Mountain Power, Commonwealth Edison, Pepco, Baltimore Gas and Light, and Pacific Power said they plan to give millions of customers a cut in their rates because of the tax reform, the Washington Examiner reports.
In one announcement typical of those from the utilities sharing their tax benefits, Pacific Power said, “The benefit of this tax cut should be passed on to our customers – and we will work with our regulators and stakeholders on the best way to do that.”
From Americans for Tax Reform, here are some examples of the savings being passed on:
At Baltimore Gas and Electric, they released this statement:
“Today BGE will file with the Maryland Public Service Commission (PSC) to pass approximately $82 million in annual tax savings to customers, resulting from federal tax cost reductions. The Tax Cuts and Jobs Act, which decreased the corporate tax rate from 35 percent to 21 percent, was signed into law on Dec. 22, 2017 and became effective on Jan. 1, 2018. If approved by the PSC, the average BGE residential electric customer can expect to see an estimated $2.31 decrease on their monthly bill, and the average residential combined natural gas and electric customer can expect an estimated $4.27 monthly reduction, effective in February 2018.”
Pacific Power made a similar announcement:
“We strive to provide our customers reliable service while keeping rates low,” said Stefan Bird, President and CEO of Pacific Power. “The benefit of this tax cut should be passed on to our customers – and we will work with our regulators and stakeholders on the best way to do that.”
Another Utility, Pepco, said the same thing:
“The tax law will result in lower bills for our customers and lower taxes for Pepco,” said Dave Velazquez, President and CEO, Pepco Holdings, which includes Pepco. “We are pleased to provide these savings to our customers, while at the same time ensuring we are making prudent investments in the local power grid to maintain the safe, reliable, and affordable service our customers have come to expect.”
And ComEd announced they were passing as much as $200 million in savings along to their customers:
Today ComEd is filing a petition with the Illinois Commerce Commission (ICC) seeking approval to pass along approximately $200 million in tax savings to its customers in 2018. If approved by the ICC, the average ComEd residential customer can expect to see an estimated $2-$3 decrease on their monthly bill related to the tax reduction.