Democrats want to raise your utility rates
A new report says Texas utility customers may save $1.2 billion from tax reforms passed late last year.Democrats have said they want to repeal the tax cuts. That is a mistake that would ripple through the economy and cost jobs and money for consumers.
The report said utility customers may save the money over the next five years due to the tax savings reaped by utilities from the Tax Cuts and Jobs Act of 2017 through either adjustments to their utility bills or future lower utility rates as private utility companies pass on tax savings to their customers, according to the report by the U.S. Chamber of Commerce's Global Energy Institute.
RELATED: Study says tax simplification saving Americans up to $5 billion
The study looked at state-level utility filings made by June 2018 and looked at 12 states including Texas, California, Florida, Alabama, and Michigan. Those five states may see savings of more than $1 billion over the next five years, with the Department of Commerce estimating that Florida and California customers may save the most money, with estimates of $3.9 billion and $3.2 billion of savings respectively.