Yes, tax reform is resulting in more take-home pay, better benefits, and hard-earned bonuses for Americans. Ninety percent of Americans will start seeing more take-home pay by the end of this month, and to date we have tracked over 4.7 million workers have received a total of over $2.8 billion in bonuses. And that’s great news. But these aren't the only ways that tax reform is helping middle-income families.
Utility companies are passing along their savings from a lowered corporate tax rate on to customers by way of lower utility bills. To date, we have tracked utility companies in at least 39 states that have taken action to decrease the utility bills of almost 80 million customers from coast to coast.
On top of that, there are 10 more states whose public utilities commissions have ordered companies to track their tax savings and investigate ways to pass those on to customers. Companies like Duke Energy Florida and Florida Power and Light are using their tax savings to cover the costs of repairs from Hurricane Irma instead of charging customers. This decision will save customers an average of $187.20 and $250, respectively.
A lower utility bill each month is a big deal for so many families—these aren’t just more “crumbs.” As Speaker Ryan said recently:
“Look, where I come from…it’s pretty cold right now. Your energy costs are very high. And what we’re seeing is all these utility companies are now saying they’re passing through the tax savings on to the rate payers. So if you’re low income, if you’re living paycheck-to-paycheck, if you’re having a hard time just heating your house? This is real relief that’s real tangible.”