Biden's proposed corporate tax hike poses potential for costlier utility bills

The Biden administration is proposing to increase the corporate tax to 28%. That's still lower than it was before the 2017 tax reform package – but some fear enough to force power bills to increase.

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.