While the stock market appears to be pricing in a once-in-a-generation infrastructure plan from the Biden administration, it doesn’t yet seem concerned about the possibility of significant increase to tax levies to pay for it, according to Goldman Sachs.

In a note titled “The Taxman Cometh,” Goldman U.S. equity strategist David Kostin warned clients that the tax hikes Biden backed during his presidential campaign on corporate and personal income could curb S&P 500 per-share earnings by 9%.

“A looming macro issue is the next round of fiscal legislation, which will include corporate and personal tax hikes,” Kostin wrote in a note Friday.

“The eventual impact will depend on the specifics; our current 2022 EPS estimate assumes just a 3% drag from taxes,” he added. “Equities appear to be pricing infrastructure optimism but little concern about tax risk.”