The Tax Cuts & Jobs Act wasn’t always loved.
But then paychecks increased and all were abuzz.
With a booming economy and happy workers, too,
We can’t wait to see what else these tax cuts will do!
But in all seriousness…
The Tax Cuts & Jobs Act has brought a wave of relief to American businesses and workers.
More than 4 million employees have received $4 billion in bonuses, with more than $140 million being invested back into the U.S., and 90 percent of American workers seeing more take-home pay thanks to the new withholding tables.
These are all wins stemming from the tax overhaul signed into law on December 21, 2017.
And the wins don’t stop there…
Among the hundreds of businesses passing down their tax savings are utility companies.
That’s right, your energy, electricity and water companies may be joining the tax reform savings party. To date, utility companies in at least 41 states have taken action to pass on savings and benefits to their customers. That’s nearly 83 million Americans across the country who will see their utility costs drop thanks to the Tax Cuts & Jobs Act.
Among the first to do this was Baltimore Gas & Electric, who in January announced they were passing down approximately $82 million in annual savings to their customers. Yes, they even said that this was because of Tax Cuts & Jobs Act.
In the weeks since, more and more utility companies have come forward announcing savings for their customers. Among them…
- MidAmerican (Iowa) : $90.8 million passed down in savings.
- Kansas City Power and Light (Kansas) : Approximately $100 million passed down in savings.
- Massachusetts Department of Public Utilities (Massachusetts) $56 million passed down in savings.
- Gulf Power Company (Florida) : $103 million passed down in savings.
- Georgia Power (Georgia) : $1.2 billion passed down in benefits and savings.
- Vermont Gas Systems, Inc. (Vermont) : $2.4 million passed down in savings.
- Entergy Arkansas, Inc (Arkansas) : $466 million passed down in savings.
- Oncor (Texas) : Savings to more than 3.4 million homes and businesses.
- Pepco (Washington D.C.) : Savings to more than 296,000 electric customers.
- Hawaiian Electric, Maui Electric, Hawai’i Electric Light (Hawaii) : Savings to 460,000 customers.
This is a very condensed list; see a full list here.
In addition to these individual companies announcing savings, there are also 10 states whose public utilities commissions have ordered utility companies to track tax savings and investigate ways to pass those on to customers.
The good news just keeps rolling in. Bigger paychecks, lower taxes, and now lower utility bills. What will tax reform do next for everyday americans?
Take 30 seconds and tell us what tax reform has done for you thus far!