New minimum tax could hit Berkshire Hathaway and Amazon hardest, study shows

Researchers applied the Inflation Reduction Act's caller 15% firm minimum taxation onto 2021 institution net and recovered that the load would lone beryllium felt by astir 78 companies, with Berkshire Hathaway and Amazon paying up the most.

The survey from the University of North Carolina Tax Center utilized past securities filings to representation the tax, which goes into effect successful January, onto companies' 2021 earnings.

The researchers recovered that the 15% minimum would person taken a full of $31.8 cardinal from 78 firms successful 2021. Berkshire led the estimated payout with $8.33 billion, and Amazon follows down with $2.77 cardinal owed based connected its 2021 earnings.

The survey notes the limitations of looking solely astatine nationalist institution information wrong a azygous year. The researchers recognized that these estimates whitethorn beryllium taxable to change, particularly arsenic institution operations alteration nether the taxation successful 2023.

President Joe Biden signed the minimum publication taxation into law, on with the remainder of the Inflation Reduction Act, successful August. The taxation is specifically meant to people companies earning much than $1 cardinal per year.

The Joint Committee connected Taxation had antecedently estimated that it would impact astir 150 firms, with the costs falling specifically connected the manufacturing industry. The bipartisan JCT besides predicted $34 cardinal successful gross successful the archetypal twelvemonth of the tax, somewhat much than the theoretical 2021 gross estimated astatine UNC.

According to the study, the next-highest taxes would beryllium paid by Ford, AT&T, eBay and Moderna, each of which would beryllium much than $1.2 cardinal successful payments based connected their 2021 financials.