The newly signed Inflation Reduction Act includes a new 15% alternative minimum tax on "book" earnings, that is, the earnings reported to investors, which does not include the usual tax deductions. Different sectors of the economy tend to systematically have more or less opportunities for tax deductions, so the impact of this tax is expected to fall unevenly on different industries. This will potentially affect the prospects of sector-based investment tilts.
Here is the Tax Foundation's projection of incidence by industry:
Book minimum tax effect on different sectors
Book minimum tax effect on different sectors
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