America’s biggest tech giants—Amazon.com Inc. (AMZN), Alphabet Inc. (GOOG) and Facebook Inc. (FB)—will save a combined $4.5 billion on taxes next year thanks to the proposed GOP tax bill, according to analysts at Cowen & Co. The Seattle-based online retailer and cloud computing leader should be particularly excited about the new tax regime, as the company is expected to save $2 billion over the course of two years, roughly equivalent to its expected net income for 2017. (See also: Amazon—Not Apple—Will Be First $1T Co.: NYU Prof.)

Financial research firm Cowen released a report indicating that Amazon will save $723 million in 2018 and $1.3 billion in 2019 under the proposed tax bill. As a result, the e-commerce platform could see earnings lift 24% in each of the next two years, according to Cowen analysts. The report assumed a new 22% U.S. corporate tax rate starting in January 2018 and a 13.2% effective tax rate for AMZN, compared to a 30% rate the company is estimated to be paying now. The report also assumed that there would be no changes to international taxes and no impact from other aspects of the tax bill.

Big Savings All Around

Google is estimated to save $2.3 billion and $2.7 billion in 2018 and 2019 respectively. Social media pioneer Facebook could save $1.6 billion and $2 billion over the same period. Cowen forecasts the savings to increase earnings-per-share (EPS) by 8% at both companies.

The trio of tech titans are also positioned to benefit from the bill’s proposed capital expenditure expensing provision. Cowen foresees the three tech behemoths shelling out a total of $234 billion on capex from 2018 to 2022, highlighting Facebook’s plans to double reinvestment in 2018. (See also: Amazon Pushes Into New Territory—Australia.)