Study shows Alabamians will save over a billion dollars from Trump tax cuts in electricity costs alone
Analysis released by the U.S. Chamber of Commerce’s Global Energy Institute (GEI) found that electricity customers across Alabama will save over $1.28 billion as a result of the recently enacted “Tax Cuts and Jobs Act of 2017,” while the state’s economy will grow thousands of jobs and see $1.34 billion more in economic activity.
“Our new analysis shows that the Tax Cuts and Jobs Act of 2017 is reducing energy costs for both residential customers and industrial users,” Karen Harbert, President and CEO of the GEI, said in a statement. “Utilities that have seen relief from their tax bills are passing those savings onto their customers, which ultimately saves consumers money. This savings is resulting in increased economic productivity and more jobs around the country.”
The study’s projections are over five years and specifically predicts Alabama will create and sustain 3,444 jobs because of President Donald Trump’s tax cuts.
In what was called “Christmas in May,” the state’s Public Service Commission voted to save Alabama Power customers $337 million over the next two years alone.
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Sean Ross is a staff writer for Yellowhammer News. You can follow him on Twitter @sean_yhn