Corporate tax hike could take a bite out of S&P 500 earnings growth in 2022, Goldman’s Kostin says

David Kostin, Goldman Sachs chief U.S. equity strategist, speaks during an interview with CNBC on the floor of the New York Stock Exchange, July 11, 2018.
Brendan McDermid | Reuters

President Joe Biden's proposed tax increase would take a major bite out of the earnings numbers that investors are focusing on right now, according to Goldman Sachs' David Kostin.

The firm's chief U.S. equity strategist said on "Squawk on the Street" that his clients are talking about corporate earnings in 2022, where there is a wide range of growth outcomes based on the path of corporate taxes.