$3 billion payoff: 101 utilities cut rates, credit GOP tax cuts
By Paul Bedard
June 7, 2018
The number of electric, gas and water utilities cutting customer charges due to the recently passed Republican tax cuts has passed 100, and the total savings is about $3 billion.
According to Americans for Tax Reform, the number has reached 101 with most utilities either cutting bills or not passing on the costs of expanding their operations.
The list includes statements from many of the utilities and the general total for the cuts is over $2.8 billion. Hundreds of millions more of added utility expenses won’t be passed on to customers, and the statements also included specific dollar cuts to bills.
The Tax Cuts and Jobs Act cut the corporate rate from 35 percent to 21 percent.
Several of the companies directly cited the act in cutting rates.