In a bid to thwart President Donald Trump’s tax reform, Democrats cried that the plan would be “Armageddon,” especially for middle-class families. However, liberals have been forced to eat their words after the major announcement utility companies just made.
Before Trump’s tax plan was passed, congressional Democrats incited hysteria, alleging that it would be a tax break for the incredibly wealthy that would hurt hardworking middle-class families the most. In fact, House minority leader Nancy Pelosi (D-CA) propagated that the bill is a “scam” that would result in “the end of the world,” declaring its imminent effects “Armageddon.”
The #GOPTaxScam is one of the worst bills to be brought to the floor in the history of the United States. We will fight with everything we have to stop this bill from becoming the law of the land.
— Nancy Pelosi (@NancyPelosi) December 4, 2017
Of course, immediately after passing the plan, not only did the middle class see significant tax cuts, major businesses across America began offering employees bonuses and injecting billions of dollars back into the U.S. economy. Unfortunately for the lying left, companies aren’t even close to being finished ripping their anti-Trump sentiments to shreds.
According to Fox News, major utility companies are now giving discounts to customers, specifically citing Trump’s tax bill as the cause of their ability to give back to American citizens. Along with Baltimore Gas and Electric (BGE), several other utilities have announced that they will lower their customers’ energy bills, including Pepco, Pacific Power, Rocky Mountain Power, and Commonwealth Edison will apply rate cuts, marking 130 major businesses that have promised bonuses for employees and rate cuts for customers.
Still, the list keeps growing as utility companies, as well as other businesses, announce their plans to benefit employees and customers. In fact, after the initial report, Arizona and Mississippi confirmed that residents will also see a drop in their energy charges. Countless other companies are expected to follow suit as the Trump effect spreads.
This announcement follows on the heels of Bank of Colorado vowing to pass on their savings in the form of higher money market rates, while North Dakota and Minnesota’s Gate City Bank is offering $500 million worth of free home appraisals to customers.
The Washington Examiner confirmed that BGE is passing on $82 million worth of tax savings since their corporate tax rate dropped from 35 to 21 percent. Additionally, ComEd is offering $200 million worth of savings to consumers.
In one announcement typical of those from the utilities sharing their tax benefits, Pacific Power said, “The benefit of this tax cut should be passed on to our customers – and we will work with our regulators and stakeholders on the best way to do that.”
“Reduced tax costs create an opportunity for BGE customers to benefit from further decreases in their total energy bills,” said Calvin G. Butler Jr, chief executive officer of BGE. – Jan. 5, 2018 Baltimore Gas & Electric press release.
Although prominent Democrat officials charged that while Trump’s tax bill would offer cuts for businesses, large companies would “sit on” this wealth instead of spreading it around. Once again, they’re proven wrong as the list continues to expand.
Still others will benefit from bigger corporate matches for 401(k) accounts, as well as a new $15 minimum wage adopted by at least 20 banks, including Wells Fargo (WFC), U.S. Bancorp (USB) and PNC Financial Services (PNC), in the wake of tax cuts.
Among the biggest announcements have been $1,000 bonus awards by American Airlines (AAL) (127,000 employees); AT&T (T) (200,000); Bank of America (BAC) (145,000); Comcast (CMCSA) (100,000); Southwest Airlines (LUV) (55,000); and U.S. Bancorp (60,000). The generosity of those announcements was undercut somewhat by reports that AT&T and Comcast were in the midst of layoffs.
Not only is President Donald Trump’s tax bill allowing middle-class families to keep thousands of dollars that the Democrats attempted to keep for themselves, American businesses are reintroducing billions of dollars back into our own economy, which eventually benefits everyone. Democrats don’t want to admit that they attempted to thwart significant tax relief for struggling families in order to continue to line their own pockets, despite already being part of the “1 percent” they constantly condemn with their mouths but with whom they cavort behind our backs.