Today, the U.S. Chamber of Commerce’s Global Energy Institute (GEI) released some electrifying findings: As a result of the Tax Cuts and Jobs Act, “electricity customers across the United States will save billions [of dollars]…while the broader economy will create tens of thousands of jobs and see billions more in economic activity.” That's some powerful stuff.
This news is the latest indicator of how tax reform has ignited a spark in our economy. While these findings may come as a shock to Washington Democrats, who’ve doubled down on the doom-and-gloom economic rhetoric, utility companies in 48 out of 50 states and DC have taken action to pass their federal tax savings on to more than 87 million customers—so far.
GEI found that “direct customer savings over a five-year period are significant—ranging from $101 million in Maine to more than $3.2 billion in California. Democratic leaders may still call this kind of money “crumbs,” but watt we know is this: These are real savings for hardworking families across the country.