Premarket stocks: New business taxes are coming. Wall Street isn’t worried
But analyzes by Wall Street institutions published over the past week found that the impact on corporate earnings would likely be limited, though some sectors could be more affected than others.
Breaking it down: The two provisions in focus are a 15% minimum corporate tax and a 1% tax on stock buybacks, which would help pay for climate investments.
The Business Roundtable claimed the minimum tax, in particular, would “suppress domestic investment when increased investment is needed to spur a strong recovery.”
Strategists at Citi said their “general view is that higher taxes are an economic activity dampener.” Yet once they dug into which S&P 500 firms would be affected by the new tax rate, they concluded it would have a “neutral” effect on aggregate profits, and that an economic slowdown and the Federal Reserve are “more relevant” to the outlook.
Citi found that 358 companies in the index make enough money to be subject to the minimum tax, which is expected to
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