The administration's green policies are already harming the economy. Expect it to continue. Get ready for it.
Additionally raising the corporate tax rate will be a cost born by customers, not corporations.
Americans Can't Afford President Biden's Green Obsession
As if Biden’s push for green energy hasn’t hurt America enough with the cancellation of the Keystone XL Pipeline and rejoining the Paris Agreement on climate, it’s now fueling the rise in utility bills for hardworking Americans across the board. And his plan to hike taxes on corporate businesses will only make it worse.
Electric rates are increasing across the country as utilities incorporate funds for green energy. In Florida, three separate utilities are asking for electric rate increases: Tampa Electric is asking for a whopping 18%; Florida Power & Light (FPL) is asking for a $2 billion increase; and Duke Energy Florida is asking for a 3-4% rise in 2022, and 1% more in 2023 and 2024.It isn’t just Florida residents who will be paying more in the near future. Michigan’s electric rates will jump 12%. New Mexico customers will see 9.2% bigger bills for the Sagamore wind project and its infrastructure. Dominion Energy in South Carolina is asking for 7.7% more and Louisville Gas and Electric is asking for 12%.
It's only a question of time before everyone will be paying more for their power, natural gas, and gasoline at the pump.
On top of these green-driven rate increases, Biden wants to also increase the corporate income tax, arguing companies will pay this and consumers will not.
This is simply dead wrong.
Americans enjoyed lower utility costs because of the corporate tax cut in 2017. There is a long list of utilities that passed their tax savings on to their customers or used the savings to offset planned rate increases.
When businesses save money because of a lower tax burden and lower utility rates, it’s a double win, because the savings are often passed along to consumers used to offset increased costs elsewhere. When a business saves money in one area, they can lower prices, increase investments, pay off debt, increase profits, pay their employees more and hire new workers.