The Potomac Electric Power Company – or Pepco, for short – announced Tuesday they’ll be slashing electric bills for nearly 300,000 D.C. residents thanks to all the money they’re saving from the GOP tax bill.
“Pepco today announced they will file with the Public Service Commission of the District of Columbia in early February, outlining plans to provide annual tax savings to more than 296,000 electric customers in the District of Columbia. If approved, Pepco would plan to begin providing a credit lowering customer bills starting in the first quarter of 2018.
The tax savings are the result of federal tax reductions under the new Tax Cuts and Jobs Act, which was signed into law on Dec. 22, 2017, and became effective on Jan. 1, 2018. The decrease in the Corporate Tax Rate from 35 percent to 21 percent reduces the amount of federal income tax Pepco will have to pay."
Wait – WAIT – you mean that lowering corporate tax rates means that companies can pass those savings on to their customers and reduce their bills?! What a total shock that absolutely no one saw coming!
And yet, that completely unpredictable post-Christmas miracle appears to be exactly what’s happened, as Pepco President Dave Velasquez explained in a press release:
“The tax law will result in lower bills for our customers and lower taxes for Pepco. We are pleased to provide these savings to our customers, while at the same time ensuring we are making prudent investments in the local power grid to maintain the safe, reliable and affordable service our customers have come to expect.”
Democrats, who’ve largely predicted that millions of Americans will be left homeless and aimlessly wandering the streets of our cities dressed in sackcloth and gnawing on half-rotten carrot sticks should the GOP tax bill go into effect, have yet to comment on Pepco’s announcement.
We won’t hold our breath.
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