Duke Energy, a government-protected monopoly, not only still isn’t paying it’s fair share, it’s taking away from ordinary, working taxpayers. According to the 2018 update report released a few days ago from the Institute of Taxation and Economic Policy, which does a deep dive into the impacts of the 2017 corporate tax cuts on large, profitable corporations, the giant monopoly utility made over $3 billion in profit (yea, a lot of digits– that’s $3,029,000,000). PROFIT, mind you. And yet, we ordinary tax paying folk, coughed up $647 million to give to Duke. Their effective tax rate was (negative) –21.4%.
In all, taxpayers showered Duke Energy with-
in subsidies in 2018.
This isn’t the result of the laws of nature. This isn’t “normal” it’s just what our systems of power have designed for themselves. The next time someone tells you that renewable energy can’t compete in a so-called “free” market or that it wouldn’t even be around if it weren’t for subsidies DON’T BELIEVE THEM. Dirty, undemocratic energy has been riding the subsidy gravy train for a LONG time and it still is. We advocates of distributed renewables and community-owned renewable energy understand that energy and tax policies love to pick winners, and boy does it pay to be a “winner,” just look at Duke Energy. And with Christmas mere days away– “tis the season for giving.”
Full report available at:
Corporate Tax Avoidance in the First Year of the Trump Tax Law. Dec. 16, 2019.