Chart for how the legislation will affect earnings by sector (5th one down): https://pavchartbook.substack.com/p/daily-chartbook-15
Bill will impose a 1% tax on buybacks.
Technology, communication services, and consumer discretionary stocks will be the most affected by the bill.
Utilities, real estate, and energy are the most insuldated.
Based on 2023 consensus earnings and trailing net buybacks, the S&P 500 is expected to take a 1.1% hit to EPS.
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