"This tax will have the largest negative effects on large, growing companies that only recently met the income threshold," its analysts said.

The tax on stock buybacks would have an effect on oil and gas companies as well. Moody's Investors Service noted that while its implementation "is not likely to significantly affect the volume of share repurchases, it could be a considerable source of tax revenue over the next couple of years."

The Tax Foundation, in its analysis, found that the real estate sector also faces a sharp rise in taxes as a share of its income.

That said: The think tank found that the average effective corporate income tax in the United States will rise to 19.3% in 2023 from 18.7% currently due to the Inflation Reduction Act. That's a fairly marginal increase, though it could help revive negotiations for a global minimum corporate tax.

China's central bank slashed interest rates on Monday as new data showed the world's second-largest economy losing steam last month because of renewed Covid lockdowns and a deepening property downturn.