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News & Current Events Discuss Thanks to GOP Tax Cuts, Utilities Are Lowering Rates at the General Forum; Thanks to GOP Tax Cuts, Utilities Are Lowering Rates Submitted by jkartch on Thursday, June 7th, 2018, 2,01 PM https://www.atr.org/thanks-tax-reform-utilities-are-lowering-rates?amp ...

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Old 06-12-2018, 01:22 PM
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Default Thanks to GOP Tax Cuts, Utilities Are Lowering Rates

Thanks to GOP Tax Cuts, Utilities Are Lowering Rates
Submitted by jkartch on Thursday, June 7th, 2018, 2,01 PM
https://www.atr.org/thanks-tax-reform-utilities-are-lowering-rates?amp

(excerpt)
Thanks to the tax cuts passed by the Republican House and Senate and signed by President Donald Trump, at least 102 utilities across the country are lowering rates for customers, according to a report from Americans for Tax Reform. This means lower electric bills, lower gas bills, and lower water bills for Americans.

The Tax Cuts and Jobs Act cut the corporate rate from 35% to 21%. Utility companies are passing on the tax savings in the form of lower rates for customers.

Examples include:

Tampa Electric (Tampa Florida)

Tampa Electric bills won't rise to pay for Hurricane Irma restoration costs, thanks to new tax savings. The Florida Public Service Commission (PSC) unanimously approved the measure today.

Because of recent changes made to the federal tax law, customers will directly benefit. What Tampa Electric would have paid in corporate income taxes will instead be used to the cost of restoring power after Hurricane Irma and several other earlier named. Additionally, Tampa Electric bills will reflect the ongoing benefits from tax reform starting in 2019 -- March 1, 2018, Tampa Electric Press Release

Duke Energy Ohio, Inc. (Cincinnati, Ohio)

Duke Energy Ohio customers will receive approximately $20 million in annual tax savings on their electric bills beginning this month. The bill reduction is a result of the recent Tax Cuts and Jobs Act, which federal lawmakers passed in late 2017.

"The tax act provides a unique opportunity for us to reduce customers' bills by millions of dollars," said Jim Henning, president of Duke Energy Ohio and Kentucky. "And that's exactly what we're doing here - delivering real savings to out customers." -- April 13, 2018 Duke Energy Press Release

Consumers Energy (Jackson, Michigan)

Consumers Energy today issued the following statement from President & CEO Patti Poppe:‘Today, Consumers Energy was pleased to submit a proposal to the Michigan Public Service Commission that would lower customer bills starting in 2018 by approximately $200 million, as a result of the recent federal tax reform changes. We are thrilled to be able to pass along 100 percent of the savings from tax reform to the people we are privileged to serve. This underscores our commitment to people, planet and prosperity for all of Michigan.’”—Jan. 19, 2018 Consumers Energy press release

Appalachian Power Company (Milton, West Virginia)

Appalachian Power Company saved $235 million dollars from the federal tax cuts and the company is proposing passing the money back to its customers in a variety of ways. – May 30, 2018, MetroNews article excerpt


(list continued at linked article)
https://www.atr.org/thanks-tax-refor...ring-rates?amp
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Thought I'd generate some input and of course some denial too I'm sure on this matter. I've got a family member that has benefited both in their job and now home electric bill from the tax cut that is thoroughly suffering with TDS. But lo and behold she is the one that sent this to me with the admittance that she can't deny that Trump is having some success in getting some parts of his agenda accomplished. Much to her chagrin. Now this family member is stubborn as a mule so I was surprised to see her making this admission. She still hates (and I mean HATES) Trump but if even she can come to this ironic admittance can others (tongue planted firmly in cheek) be that far behind her?

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Old 06-12-2018, 02:01 PM
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Default Re: Thanks to GOP Tax Cuts, Utilities Are Lowering Rates

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Thought I'd generate some input and of course some denial too I'm sure on this matter. I've got a family member that has benefited both in their job and now home electric bill from the tax cut that is thoroughly suffering with TDS. But lo and behold she is the one that sent this to me with the admittance that she can't deny that Trump is having some success in getting some parts of his agenda accomplished. Much to her chagrin. Now this family member is stubborn as a mule so I was surprised to see her making this admission. She still hates (and I mean HATES) Trump but if even she can come to this ironic admittance can others (tongue planted firmly in cheek) be that far behind her?
I doubt it. Our friends on the left will most likely twist themselves into a logic pretzel trying to find a way to give Obama the credit.
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Old 06-12-2018, 07:38 PM
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Default Re: Thanks to GOP Tax Cuts, Utilities Are Lowering Rates

Oh my, cheaper utility bills.
Utilities also pay most of their profit to shareholders in the form of dividends. A boon to many people with a 401k, union retirement benefit, and/or direct investment.
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Old 06-12-2018, 07:57 PM
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Default Re: Thanks to GOP Tax Cuts, Utilities Are Lowering Rates

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Oh my, cheaper utility bills.
Utilities also pay most of their profit to shareholders in the form of dividends. A boon to many people with a 401k, union retirement benefit, and/or direct investment.
Non sequitur? At the least a seriously mixed message? Do you have an issue with regular folks who are not a part of a union attempting to save for retirement without the protection that those with a "union retirement benefit" enjoy? Also known as the joke that is the 401K system? I only ask because if not don't worry, those evil bastards have been bent over a barrel and violated without the courtesy of a reach around for some time now. Just like the vast majority of American citizens.

You channeling Nancy Pelosi and her peanuts mindset? S'plain yourself Lucy!
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Old 06-12-2018, 08:12 PM
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Default Re: Thanks to GOP Tax Cuts, Utilities Are Lowering Rates

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It shouldn’t be surprising to see a lot of investor-owned utilities lowering rates after the corporate tax reduction. And it also shouldn’t be surprising that the companies specifically cited the tax changes as the reason for the rate cut. In most cases, experts said, utilities would have been required to do so by their regulators.

The tax law has an impact on privately owned utilities — often called "investor-owned utilities," or IOUs for short — but not on public utilities.

Investor-owned utilities pay corporate taxes, so the tax law’s lowering of the top corporate rate from 35 percent to 21 percent should save this type of utility a substantial amount of money.

By contrast, publicly held utilities do not pay corporate taxes, so they are unaffected by this provision of the tax bill. Public utilities include rural electric cooperatives, municipally owned utilities, and federal or state power authorities.

Among electricity utilities, about two-thirds of Americans are served by investor-owned utilities, while about a third receive their power from public utilities. For water utilities, a few of which appear on the group's list, public utilities are dominant.

So while 101 utilities cutting their rates may seem like a large number, your ability to benefit from a rate cut depends on which utilities happen to serve your area.

It’s also worth pointing out that many of these rate cuts were preordained by existing energy regulations.

"Utilities are natural monopolies, and because of that, they’ve been regulated for well over 100 years," said Manny Teodoro, a political scientist at Texas A&M University who has studied energy issues. "It’s a recognition that a pure monopoly will result in a lack of competition and abusive pricing."

For that reason, under longstanding regulations, utilities need to go back to energy regulatory bodies whenever they seek to modify their rates, in order to provide reasons for the change. And if a utility happens to benefit from a tax change, there’s a good chance it will be required under existing regulations to lower their rates to account for that.

"Rates are set by public utility commissions through rate-making processes that would clearly identify the reasons for the rate change, up or down," said Billy Pizer, a Duke University public policy professor who studies energy.

This doesn’t undercut the larger point of the tally, but it does suggest that the rate cuts required two elements to materialize — the tax cut, which Trump touted, and the longstanding regulations that require companies to share the tax gains with ratepayers rather than just with shareholders. And the latter is an aspect Trump didn’t get into.
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Old 06-12-2018, 08:31 PM
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Default Re: Thanks to GOP Tax Cuts, Utilities Are Lowering Rates

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Normally I'd say thanks but then this is the same origination that debunked your claim yesterday that poor put upon sad victim of circumstances Hilary Clinton did "not" according to you set up a private server. Nor "send or receive" classified or top secret material.
http://www.politicalwrinkles.com/new...tml#post936813

I'm genuinely concerned for you. Have you seen a doctor and talked about these spells of dementia? I was the primary caretaker of my grandfather for the last three years of his life as he died from Alzheimers. It was horrible. You sure you don't need some help?

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Old 06-12-2018, 08:32 PM
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Default Re: Thanks to GOP Tax Cuts, Utilities Are Lowering Rates

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Originally Posted by Schochite View Post
Normally I'd say thanks but then this is the same origination that debunked your claim yesterday that poor put upon sad victim of circumstances Hilary Clinton did "not" according to you set up a private server. Nor "send or receive" classified or top secret material.
http://www.politicalwrinkles.com/new...tml#post936813

I'm genuinely concerned for you. Have you seen a doctor and talked about these spells of dementia? I was the primary caretaker of my grandfather for the last three years of his life as he died from the Alzheimer decease. It was horrible. You sure you don't need some help?
If you read my excerpt there was an outstanding caveat.
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Old 06-12-2018, 08:34 PM
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Default Re: Thanks to GOP Tax Cuts, Utilities Are Lowering Rates

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Non sequitur? At the least a seriously mixed message? Do you have an issue with regular folks who are not a part of a union attempting to save for retirement without the protection that those with a "union retirement benefit" enjoy? Also known as the joke that is the 401K system? I only ask because if not don't worry, those evil bastards have been bent over a barrel and violated without the courtesy of a reach around for some time now. Just like the vast majority of American citizens.

You channeling Nancy Pelosi and her peanuts mindset? S'plain yourself Lucy!
My dad was in a union that was "going to fund him in retirement", yeah, that $250 a month didn't do much to "take care of him" when he retired.
I'll take my chances with my self funded retirement. It's mine and not subject to some union deciding what I get in the end.
I own utility stocks as a part of my retirement portfolio, Duke Energy being one of them, diversification and all.

Not sure where you got some sort of Nancy Pelosi connection, I didn't even like the leftist peanut farmer President Jimmy Carter and he was a conservative compared to her.
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Old 06-12-2018, 08:38 PM
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Default Re: Thanks to GOP Tax Cuts, Utilities Are Lowering Rates

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And dividends are paid to the shareholders.
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Old 06-12-2018, 08:41 PM
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Default Re: Thanks to GOP Tax Cuts, Utilities Are Lowering Rates

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My dad was in a union that was "going to fund him in retirement", yeah, that $250 a month didn't do much to "take care of him" when he retired.
I'll take my chances with my self funded retirement. It's mine and not subject to some union deciding what I get in the end.
I own utility stocks as a part of my retirement portfolio, Duke Energy being one of them, diversification and all.

Not sure where you got some sort of Nancy Pelosi connection, I didn't even like the leftist peanut farmer President Jimmy Carter and he was a conservative compared to her.
Well that helps explain your POV! Sorry I mistook your comments in that way, but you were a bit mysterious in your meaning. Take it from me, I grew up in the era when it was generally believed that if one was in a union they were guaranteed cradle to grave security. It was a lie for all but the top of the food chain.

I've not ever relied on the 401K system but a lot of people I love have to and most all of them have not been happy with that situation for years now. So I feel you as the young ones like to say. Thanks for clarifying.

Still don't see why you mock lower utility bills though. Can ya S'plain it to me Lucy? I'm all ears, er...eyes!
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