Electric Company Announces Lower Rates Because of Trump's Corporate Tax Cuts
Baltimore Gas & Electric Co. is lowering customer rates as a result of the federal tax reform passed by Republicans in December.
The Baltimore Sun reported that the company estimated it would save $82 million under the new Tax Cuts and Jobs Act, and the average residential electric customers could expect to see their monthly bill drop by $2.31. “Bills will go down by an average of $4.27 a month for customers who buy both electricity and natural gas from BGE,” the Sun reported.
BGE supplies electricity to almost a million customers in Maryland and Washington, D.C.
A press release from Pepco Holdings, which includes both Pepco and Delmarva Power, stated that the tax savings were the result of the corporate tax cuts President Donald Trump signed into law in December.
The tax cuts, which lowered the company’s tax rate from 35 percent to 21 percent went into effect on Jan. 1, 2018.
Pepco announced on Jan. 5 that they would file paperwork with the Maryland Public Service Commission in early February. If approved, customers could see lower electric bills beginning in February.
BGE CEO Calvin G. Butler Jr. said the decision was simple.
“We wanted to share those benefits with consumers,” he said, according to the Sun.
President and CEO of Pepco Holdings, Dave Velazquez, said the company was happy to pass along savings to customers.
“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,” he said.
Pepco is not the only corporation to pass savings along to customers. AT&T, BancorpSouth Bank, Bank of America, Comcast, Boeing Co and Wells Fargo are just a few of the many businesses sharing the benefits of the tax legislation with everyday Americans.
It is awesome to see companies share savings this way, and Americans have Republicans to thank for it.
Democrats railed against the tax reform bill every step of the way, claiming it would hurt the middle class and would only benefit businesses and corporate executives.
Once again, Democrats have revealed how deceitful they can be.
Definitely something to keep in mind the next time a Democrat claims the sky is falling.
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