Tax & Accounting News

Biden's Corporate Minimum Tax Hits Amazon Hard

9/25/2022

Mega online retailer and media powerhouse, Amazon.com, is set to be among the hardest hit by the new corporate minimum tax in President Biden's Inflation Reduction Act.

The sweeping tax and climate bill, which passed with "unanimous Republican opposition," as reported by People Magazine, was signed into law on August 16, 2022.

In late July and early August, it initially looked like two key centrist Democrats -- Senator Joe Manchin (D-WV) and Senator Kyrsten Sinema (D-AZ) -- would be holdouts on the sweeping bill, which addresses everything from climate change to healthcare costs, but both Senators' votes were eventually secured.

One of the key provisions included in the bill was a 15% corporate minimum tax, which supporters say is intended to make sure that large corporations pay their fair share of federal taxes every year.

This new tax law goes into effect in January 2023, and now it has emerged that Jeff Bezos's Amazon will be hit hardest by the measure.

According to a new CNBC report, Amazon -- along with real estate giant Berkshire Hathaway -- will take the hardest hits from the corporate minimum tax based on their 2021 income.

The financial news outlet shared:

The study from the University of North Carolina Tax Center used past securities filings to map the tax, which goes into effect in January, onto companies’ 2021 earnings.

The researchers found that the 15% minimum would have taken a total of $31.8 billion from 78 firms in 2021. Berkshire [for whom Warren Buffet is Chairman of the board] led the estimated payout with $8.33 billion, and Amazon follows behind with $2.77 billion owed based on its 2021 earnings.

It is important to note that these are only estimates, and are subject to change depending on business operations.

The corporate minimum tax is expected to impact approximately 78 companies around the United States.

What do you think about this tax change and the impact on Berkshire Hathaway and Amazon?

Rebekah Barton

Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

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