New York (CNN)Some business groups challenge the tax provisions of theInflation Reduction Act, but ,Goldman Sachs economists say the landmark bill will have little impact on large corporate profits.
To finance historic climate change investments, legislation passed by the Senate on Sunday imposes a minimum corporate tax of 15% and a stock buyback tax of 1%.
Companies with lower effective tax rates, such as healthcare and technology companies, will be hit harder, the bank said.
Overall, Goldman Sachs said that the net fiscal impact of the anti-inflation law "looks very modest" and that over the next few years he expects less than 0.1% of GDP. I predict it will. The bank said this was because the new spending and new taxes "almost offset".
CEO Opinions
The findings contrast with the warnings of several major industry groups, who argue that the new tax system will backfire.
Roundtable CEO Joshua Bolten said in a statement that the US economy is facing two straight quarters of decline. GDP and “remains at risk of prolonged economic decline”.
The American Petroleum Institute, the largest oil and gas trade body, said over the weekend it was "encouraged" by the bill's extension and expansion of the carbon recovery tax credit, as well as provisions for onshore and offshore lease sales. Told.
However, API said the bill "clearly lacks" much-needed licensing reforms and criticized its tax provisions.