Verizon Wireless is about to slash the prices of nearly every More Everything plan in its portfolio, and once again you have T-Mobile to thank. The “Uncarrier” shook things up with CEO John Legere’s antics backed up by industry-shifting initiatives, and the shockwaves continue to be felt throughout the wireless industry. T-Mobile is adding new subscribers at a shocking pace, and larger rivals have no choice but to respond.

Now, this latest response will end up saving some Verizon Wireless subscribers a good amount of money.

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According to Droid Life, which has a good track record with leaks, Verizon is about to slash the prices of all but one More Everything data plan. The carrier will also introduce five new data tiers, giving subscribers the ability to fine tune their data plans and save even more money each month.

Here’s how the new plans and price tweaks stack up against Verizon’s current More Everything plans:

According to Droid Life, the new plans will become available on Thursday, February 5th. In all likelihood, the new discounts will not automatically be applied to existing plans, so make sure you call Verizon customer care in order if you want to save at least $120 each year on your wireless service.

UPDATE: It’s official.