Business taxes rising just as US economy heads into choppy water

that is based on profits they publicly report on their financial statements to shareholders. The minimum book tax would only hit companies that reported more than $1 billion in income. The levy – a key feature of the Inflation Reduction Act – would affect around 200 of the country's largest corporations with profits exceeding $1 billion and that pay less than the current 21% rate for businesses, according to Democrats.

UBS strategists led by Solita Marcelli, meanwhile, projected the new taxes would have a "very minimal 1% drag on S&P 500 earnings per share, although some companies will be more affected than others." President Joe Biden signs the Inflation Reduction Act of 2022 into law at the White House on Aug. 16, 2022.

The economy is humming along just fine.

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