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How Biden’s Corporate Tax Hike Will Raise Utility Bills

Posted on Wednesday, August 25, 2021
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by Outside Contributor
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Democrats be warned: A vote for a corporate income tax hike is a vote for higher utility bills.

If President Biden raises the corporate income tax rate, Americans will get hit with higher utility bills as the country tries to recover from the pandemic.

Democrats this week are voting to clear the way for a corporate income tax rate increase. They want to take the current rate of 21% and raise it to 28%, higher than communist China’s 25%. This does not even include state corporate income taxes, which average another 4 – 5% nationwide.

Customers directly bear the cost of corporate income taxes imposed on utility companies.

Investor-owned electric, gas, and water companies must get their billing rates approved by the respective state utility commissions. When the 2017 Tax Cuts and Jobs Act cut the corporate income tax rate from 35% to 21%, utilities worked with state officials to pass along the tax savings to customers.

After completing a 50-state review of utility commission documents and local news sources, Americans for Tax Reform has compiled 300 examples of utilities passing tax savings along to customers.

So if Democrats now raise the tax rate, they will have to explain why they just raised utility bills.

You can view the 50 state lists below, and a full national compilation here.

The savings come in the form of a rate reduction, a bill credit, or a reduction to an existing or planned rate increase.

ATR has also compiled a 90-second nationwide utility savings video from local news reports which may be viewed here.

According to a report published in the trade publication Utility Dive, customers nationwide were to receive a $90 billion utility benefit from the Tax Cuts and Jobs Act:

Estimates derived from 2017 annual SEC 10-K filings indicate that the 14-percentage-point reduction in the corporate tax rate enacted under the 2017 Tax Cuts and Jobs Act (TCJA) resulted in investor-owned utilities establishing significant regulatory liability balances, totaling approximately $90 billion to be refunded back to customers.

If Democrats now impose a corporate income tax rate increase, they will have to reckon with constituents and local news coverage noting utility bills are going up.

The 50 state lists are below:

ALABAMA

Alabama Residents Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/alabama-residents-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

ALASKA

Alaska Residents Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/alaska-residents-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

ARIZONA

Arizonans Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike 

ARKANSAS

Arkansas Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/arkansas-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

CALIFORNIA

California Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/california-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

COLORADO

Colorado Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/colorado-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

CONNECTICUT

Connecticut Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/connecticut-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

DELAWARE

Delaware Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/delaware-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

FLORIDA

Florida Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/florida-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

GEORGIA

Georgia Residents Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/georgia-residents-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

HAWAII

Hawaii Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/hawaii-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

IDAHO

Idaho Residents Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/idaho-residents-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

ILLINOIS

Illinois Residents Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/illinois-residents-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

INDIANA

Indiana Residents Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/indiana-residents-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike 

IOWA 

Iowans Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/iowans-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

KANSAS

Kansas Residents Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/kansas-residents-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

KENTUCKY

Kentucky Residents Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/kentucky-residents-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

LOUISIANA

Louisiana Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/louisiana-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

MAINE

Maine Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/maine-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

MARYLAND

Maryland Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/maryland-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

MASSACHUSETTS

Massachusetts Residents Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/massachusetts-residents-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

MICHIGAN

Michigan Residents Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/michigan-residents-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

MINNESOTA

Minnesotans Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/minnesotans-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

MISSISSIPPI

Mississippi Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/mississippi-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

MISSOURI

Missouri Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/missouri-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

MONTANA

Montanans Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/montanans-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

NEBRASKA

Nebraska Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/nebraska-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

NEVADA

Nevada Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/nevada-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

NEW HAMPSHIRE

New Hampshire Residents Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/new-hampshire-residents-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

NEW JERSEY

New Jersey Residents Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/new-jersey-residents-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

NEW MEXICO

New Mexico Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/new-mexico-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

NEW YORK

New York Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/new-york-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

NORTH CAROLINA 

North Carolina Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/north-carolina-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

NORTH DAKOTA

North Dakotans Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/north-dakotans-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

OHIO

Ohioans Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/ohioans-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

OKLAHOMA

Oklahoma Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/oklahoma-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

OREGON

Oregon Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/oregon-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

PENNSYLVANIA

Pennsylvanians Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/pennsylvanians-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

RHODE ISLAND

Rhode Island Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/rhode-island-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

SOUTH CAROLINA 

South Carolina Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/south-carolina-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

SOUTH DAKOTA

South Dakota Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/south-dakota-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

TENNESSEE

Tennessee Residents Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/tennessee-residents-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

TEXAS

Texas Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/texas-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

UTAH

Utah Residents Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/utah-residents-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

VERMONT

Vermont Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/vermont-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

VIRGINIA

Virginians Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/virginians-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

WASHINGTON, D.C.

Washington, D.C. Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/washington-dc-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

WASHINGTON STATE

Washington State Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/washington-state-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate

WEST VIRGINIA

Manchin’s Corporate Tax Hike Will Stick West Virginians with Higher Utility Bills https://www.atr.org/west-virginians-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

WISCONSIN

Wisconsin Residents Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/wisconsin-residents-will-get-stuck-higher-utility-bills-due-biden-corporate-tax-rate-hike

WYOMING

Wyoming Residents Will Get Stuck with Even Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/wyoming-residents-will-get-stuck-even-higher-utility-bills-due-biden-corporate-tax-rate-hike

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PaulE
PaulE
2 years ago

Higher corporate tax rates will affect far more than just utility bills. Virtually everything you buy will be priced higher to offset the higher cost due to increased corporate taxes. Food, transportation costs, virtually everything you buy will have a higher cost to it. If you understand the basics of how supply chains work, that underpin our economy, every single layer of that supply chain will be hit with a higher tax bill. That means you and I, the ultimate end point consumer of all goods and services, will be the ones paying those higher corporate taxes in the form of higher prices.

Forget all the Biden BS about no one making under $400,000 being taxed higher. That message was aimed at the economically illiterate in this country, that still buy into the notion of a “free lunch” that the Democrats have been hawking for decades. If both the bi-partisan infrastructure bill and the larger budget reconciliation bill are passed and signed into law by Biden, we will quickly look like most of western Europe. Stagnant, low-growth or no growth economies, that are essentially huge social welfare states. Nominal tax rates that hover around 60 to 75 percent of whatever your income is, when you add up all the various local, state and federal taxes together. Innovation is choked off by massive taxation, which acts as huge wealth transfer system from the private sector economy to the government and over regulation punishes any sort of risk taking. There is a reason why there is no European equivalent of Google, Facebook, Microsoft, Nvidia or any other innovative technology company. The whole European model actively discourages risk taking or private sector capital investment. The largest employer in most European countries is the government, which should tell you something.

I’ve been all over Europe on both business and pleasure and the model is the same in every single country. That is what the Democrats are aiming for here in the near term. Longer term, they no doubt want a much more aggressive transfer to private wealth to the government coffers. They so do admire how the CCP has total control of all aspects of the Chinese economy and its people.

DEBRA
DEBRA
2 years ago

BLATANT DISREGARD! CHINA PUPPET AT OUR EXPENSE!……I VOTED FOR A MAN WHO GAVE UP HIS WEALTH FOR MY COUNTRY NOT A MAN WHO GAVE UP MY COUNTRY FOR HIS WEALTH…………..

J. Farley
J. Farley
2 years ago

The price of everything will go up and there will be fewer Job, as more company’s will be going back the Demonrats friends. CHINA, Home of FANG FANG and Covid-19, ask Eric Swalwell.

Tim Toroian
Tim Toroian
2 years ago

This isn’t exactly to point but is about destroying jobs; what happens when 50% of the people work for a government, city, borough, county, state, federal, and/or are on the government dole.

Dave Smith
Dave Smith
2 years ago

Democrats are a death sentence to America! They’ve already destroyed any chance of having strong allies anywhere in the world and they are hell bent on killing us from the inside like a virus. But I have more respect for a naturally occurring virus…they don’t swear an oath to before God to uphold and defend the Constitution of the United States. It’s time for a genuine insurrection!

Karen
Karen
2 years ago

Stock up on candles, buy a bike, get a fireplace/woodburning stove and a someone to work a big fan.

An older blonde women laughing in the kitchen with a grey haired man.
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