Schwarzman’s Opinion On Taxing The Rich
Steve Schwarzman, the CEO of Blackstone Group, was inquired concerning the subject of well-off individuals are compensating lower taxes than average employees. Recognized well-off business magnate, Warren Buffett has earlier affirmed that he is compensating a mere 17% tax whereas his staffs recompense from 20% to 36%. Schwarzman’s retort confirmed that he was reimbursing a personal tax of 53% of his taxable revenue. It is 36% on the federal level and 17% for local and state. The 53% total needs yet to be studied because the average actual federal-income tax amount for individuals generating $1 million or more is around 29%, confirmed by the Roberton Williams at the Tax Policy Center.
Excerpt:
“Schwarzman’s broader point is wealthy people like him pay at or near the maximum tax rates, rather than the rock-bottom discounts paid by Buffett. He said his 53% rate is “one of the highest in the world” and that our tax code needs to be simplified with a flat tax or flat tax with “one or two tiers.”
Original article can be found at:
http://blogs.wsj.com/wealth/2011/09/08/schwarzman-takes-aim-at-buffett-on-taxing-the-rich/
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