By Aahil

New minimum tax would affect Berkshire Hathaway and Amazon hardest

Finance

2021 financial statements used by The UNC Tax Center to predict the effect of the Act of Inflation Reduction on minimum corporate tax.

The 15% minimum tax has  impacted approximately 78 companies, with Berkshire Hathaway and Amazon paying the most.

In August, President of Amazon Joe Biden signed the tax into law, along with the rest of the Inflation Reduction Act.

The researchers have recognized that these estimates may be changed  under the tax in 2023.

The Joint Committee on Taxation had previously predicted that it could put effect on approximately 150 manufacturing industry

The bipartisan JCT also has predicted $34 billion in revenue in the first year of the tax.

Ford, AT&T, eBay and Moderna could pay the next-highest taxes and all of which would owe more than $1.2 billion in payments based on their 2021 financial statements.

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