The book minimum tax in Democrats' Inflation Reduction Act could hit just 78 companies, with the largest burden borne by online retailer Amazon and Warren Buffett's Berkshire Hathaway.
The tax, which is slated to take effect in January, is the largest revenue-generator in Democrats' health care and climate change spending bill. It is expected to bring in about $222 billion in new revenue over the next decade.
The Joint Economic Committee on Taxation had previously estimated the tax would affect about 150 firms. In dollar terms, the industries that would account for the largest book minimum tax liabilities are utilities and communication .
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