Utilities should pass on tax savings
- Jan 17, 2018 9:09 pm GMT
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There’s a windfall in Republicans’ federal tax cuts for corporate America that may actually help everyday North Carolinians — not that it was intended that way.
More so, it will take vigilance and determination on the part of the state’s regulators and consumer advocates to make sure
You see, utility companies like Duke Energy have a monopoly on providing electricity to most North Carolinians — directly to homeowners and businesses, or indirectly by selling power to cooperatives and municipally-owned services.
State regulators — in
When the federal tax rate is slashed from 35 percent to 21 percent, the impact is huge.
How big? Well, one utility company,
Because companies like Duke can pass the cost of federal taxes onto consumers, it is only right that when those taxes consumers have been paying get cut, consumers should get the full benefit.
“Everybody is straining under the bills they are paying. Wages and salaries have been pretty static over the recent years,” Stein said during an interview last week. “It is essential we do everything in our power to make sure people don’t pay a dollar more than they are legally obligated to. That’s why I’m engaging both the federal and state regulators on the issue.”
Finley asked the utilities and other interested parties, including the commission’s public staff, independent consumer advocates and Stein’s office, to file information and comments by
Corporations have been taking advantage of a raging stock market, record profits and unheard of amounts of cash in their coffers. It is past time to extend this economic expansion to the other 99 percent of the nation.
“The benefit of those tax cuts should go to the consumers,” Stein said. “Otherwise it’s a windfall for the corporations that they don’t need or deserve. You can’t get reimbursed for a cost you don’t incur.”