(Photo Credit: DTE Energy)
DTE Energy, a Detroit-based energy manufacturer, announced plans to lower electric and gas rates by 3 percent in 2018 due to savings from the historic tax reform bill passed into law last year.
The utility company’s $190 million savings will be passed along to more than 3 million customers, DTE Energy said in a statement:
“The recent passage of the federal Tax Cuts and Jobs Act will offer benefits to energy customers across the country, including DTE’s utility customers here in Michigan. The reduction of the corporate tax rate will result in lower bills for DTE’s 2.2 million electric and 1.3 million gas customers. In 2018, a savings of nearly $190 million will be passed along to customers.”
DTE is the latest U.S. company to pass on major benefits to customers and/or employees thanks to the tax reform law. Washington, D.C.–based utility company PEPCO announced a similar ratings cut for regional customers earlier this month. Aluminum manufacturer Novelis announced this week it plans to construct a new $300 million facility and create 125 jobs in Kentucky with projected savings from the tax reform law.
Economists recently surveyed by the Wall Street Journal agreed that tax reform and other pro-growth policies over the past year deserves credit for economic growth and hiring. Manufacturers fought hard for tax reform and are ready to do their part by expanding, hiring and competing as well as passing on savings to their employees and customers.
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