Shares of Goldman Sachs (GS) are under slight pressure in early Friday trading, falling about 1.4% after the bank announced the new GOP tax bill will cost the company about $5 billion in earnings for the fourth quarter of 2017.

The tax bill is supposed to be a big win for corporations, especially big banks. Could this be what cools off the banks?

Well, the tax bill is a big win for corporations and companies like Goldman Sachs are unlikely to be an exception. But because of the way some banks are structured, the bill results in an upfront charge rather than a windfall of profits.

In fact, in Goldman's case it has more to do with repatriating its overseas holdings. In fact, two-thirds of that impact (roughly $3.3 billion) is due to repatriation tax. Other charges surface from its U.S. deferred tax assets. That's the same thing that nailed Citigroup (C) a few weeks ago.

However, Citigroup's charges are far worse, to the tune of $20 billion. According to CFO John Gerspach, Citigroup could face an upfront cost of $19 billion to $21 billion from the new tax plan. Citi would be looking at roughly $16 billion to $17 billion in losses from writing off its deferred tax assets. It would take a further $3 billion to $4 billion hit on repatriating its overseas cash.

So it seems that Goldman isn't alone. However, the financial sector as a whole should ultimately benefit from the new tax laws; whether it's eventually Goldman Sachs or Citigroup in the future, or Bank of America (BAC) , Morgan Stanley (MS) and Wells Fargo (WFC) . Large cap companies will ultimately benefit, although it could take more than one quarter to see.

One could also reasonably expect other large companies -- like Apple Inc. (AAPL) , Microsoft (MSFT) and Alphabet (GOOGL) -- to pay a hefty repatriation tax. While it will be a positive for these companies to bring their cash back to the U.S., it will result in a short-term repatriation charge.

Citigroup, Apple, Microsoft and Alphabet are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells C, AAPL, MSFT and GOOGL? Learn more now.

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This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.

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