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Joe Biden's corporate tax hike will spike everyone's utility bills

reason10

Governor
And the idiots here claimed only the RICH would feel Joe Biden's illegal tax hikes.

https://www.foxnews.com/politics/biden-corporate-tax-hike-utility-bills

Biden's proposed corporate tax hike poses potential for costlier utility bills
Residents in President Biden’s home state of Delaware – which he represented in the Senate for more than three decades – saw a $15 decrease in their utility bills in 2018, replacing the anticipated $65 increase.

The reason was the Tax Cut and Jobs Act, according to the Delaware Public Service Commission, in announcing the rate cut from Delmarva. The tax reform package that President Trump signed in late 2017, among other things, slashed the corporate tax rate from 35% to 21%.

Delaware is one of 38 states to pass along the corporate tax rate cut to customers, according to data compiled by Americans for Tax Reform. That includes the current president’s birth state, where the Pennsylvania Public Utility Commission announced in 2018 a monthly credit to customer bills for 17 electric, natural gas, and water and wastewater utilities, totaling more than $320 million.

Now the Biden administration is proposing to increase the corporate tax to 28%. That’s still lower than it was before Trump’s tax reform package – but some fear enough to force power bills to increase.

Investor-owned utility companies, such as electric, gas and water companies, are regulated entities and required by law to get their billing rates approved by state public utility commissions. The commissions must consider how tax liability and other expenses factor into the cost of operation. Utility companies have significantly less flexibility in how to absorb such costs.

"Those taxes are passed directly to the public utility customers," Americans for Tax Reform President Grover Norquist told Fox News. "With public utilities, all agreed to the rate of return. … Regulated businesses can’t move money around."

Are you liberals REALLY that fckkking STUPID? Did you REALLY think corporations were going to just bend over and tax Joe Biden's illegal tax increase?

This is why I keep coming back to the idea that most of the Woke idiots here are under the age of 20, and probably still living in their parents' basement. EVERY time taxes were increased on any corporation, two things happened: 1. Jobs were sent overseas. 2. The cost of everything went up.

Either you neckbeards weren't around when this tax hike experiment was done over and over again, or you are just monumentally stupid.

Thanks to a nation of copy machines illegally electing that racist pedophile, gasoline prices have gone through the roof, lumber prices are skyrocketing, and EVERYTHING just costs more. ONE MAN caused all that.
 

middleview

President
Supporting Member
And the idiots here claimed only the RICH would feel Joe Biden's illegal tax hikes.

https://www.foxnews.com/politics/biden-corporate-tax-hike-utility-bills

Biden's proposed corporate tax hike poses potential for costlier utility bills
Residents in President Biden’s home state of Delaware – which he represented in the Senate for more than three decades – saw a $15 decrease in their utility bills in 2018, replacing the anticipated $65 increase.

The reason was the Tax Cut and Jobs Act, according to the Delaware Public Service Commission, in announcing the rate cut from Delmarva. The tax reform package that President Trump signed in late 2017, among other things, slashed the corporate tax rate from 35% to 21%.

Delaware is one of 38 states to pass along the corporate tax rate cut to customers, according to data compiled by Americans for Tax Reform. That includes the current president’s birth state, where the Pennsylvania Public Utility Commission announced in 2018 a monthly credit to customer bills for 17 electric, natural gas, and water and wastewater utilities, totaling more than $320 million.

Now the Biden administration is proposing to increase the corporate tax to 28%. That’s still lower than it was before Trump’s tax reform package – but some fear enough to force power bills to increase.

Investor-owned utility companies, such as electric, gas and water companies, are regulated entities and required by law to get their billing rates approved by state public utility commissions. The commissions must consider how tax liability and other expenses factor into the cost of operation. Utility companies have significantly less flexibility in how to absorb such costs.


"Those taxes are passed directly to the public utility customers," Americans for Tax Reform President Grover Norquist told Fox News. "With public utilities, all agreed to the rate of return. … Regulated businesses can’t move money around."

Are you liberals REALLY that fckkking STUPID? Did you REALLY think corporations were going to just bend over and tax Joe Biden's illegal tax increase?

This is why I keep coming back to the idea that most of the Woke idiots here are under the age of 20, and probably still living in their parents' basement. EVERY time taxes were increased on any corporation, two things happened: 1. Jobs were sent overseas. 2. The cost of everything went up.

Either you neckbeards weren't around when this tax hike experiment was done over and over again, or you are just monumentally stupid.

Thanks to a nation of copy machines illegally electing that racist pedophile, gasoline prices have gone through the roof, lumber prices are skyrocketing, and EVERYTHING just costs more. ONE MAN caused all that.
And the idiots here claimed only the RICH would feel Joe Biden's illegal tax hikes.

https://www.foxnews.com/politics/biden-corporate-tax-hike-utility-bills

Biden's proposed corporate tax hike poses potential for costlier utility bills
Residents in President Biden’s home state of Delaware – which he represented in the Senate for more than three decades – saw a $15 decrease in their utility bills in 2018, replacing the anticipated $65 increase.

The reason was the Tax Cut and Jobs Act, according to the Delaware Public Service Commission, in announcing the rate cut from Delmarva. The tax reform package that President Trump signed in late 2017, among other things, slashed the corporate tax rate from 35% to 21%.

Delaware is one of 38 states to pass along the corporate tax rate cut to customers, according to data compiled by Americans for Tax Reform. That includes the current president’s birth state, where the Pennsylvania Public Utility Commission announced in 2018 a monthly credit to customer bills for 17 electric, natural gas, and water and wastewater utilities, totaling more than $320 million.

Now the Biden administration is proposing to increase the corporate tax to 28%. That’s still lower than it was before Trump’s tax reform package – but some fear enough to force power bills to increase.

Investor-owned utility companies, such as electric, gas and water companies, are regulated entities and required by law to get their billing rates approved by state public utility commissions. The commissions must consider how tax liability and other expenses factor into the cost of operation. Utility companies have significantly less flexibility in how to absorb such costs.


"Those taxes are passed directly to the public utility customers," Americans for Tax Reform President Grover Norquist told Fox News. "With public utilities, all agreed to the rate of return. … Regulated businesses can’t move money around."

Are you liberals REALLY that fckkking STUPID? Did you REALLY think corporations were going to just bend over and tax Joe Biden's illegal tax increase?

This is why I keep coming back to the idea that most of the Woke idiots here are under the age of 20, and probably still living in their parents' basement. EVERY time taxes were increased on any corporation, two things happened: 1. Jobs were sent overseas. 2. The cost of everything went up.

Either you neckbeards weren't around when this tax hike experiment was done over and over again, or you are just monumentally stupid.

Thanks to a nation of copy machines illegally electing that racist pedophile, gasoline prices have gone through the roof, lumber prices are skyrocketing, and EVERYTHING just costs more. ONE MAN caused all that.
I Noticed that I did not get a cut in my utility bill when Trump's tax cut happened...did you?

What would make a tax hike illegal?
 

reason10

Governor

I Noticed that I did not get a cut in my utility bill when Trump's tax cut happened...did you?


That might be because your parents are paying the bill while you live in their basement. Life is a lot less complicated when you don't have to write the checks.


What would make a tax hike illegal?

One not passed by Congress. One legislated through executive action by an illegally elected president.
 
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