Blackstone bewails proposed tax boost

Blackstone Group claims its yearly tax tab would increase by $525 million under legislation proposed in the Senate.
AUG 24, 2007
By  Bloomberg
Blackstone Group LP claims its yearly tax tab would increase by $525 million, or triple what it would otherwise pay, under legislation proposed in the Senate. In a letter to Sen. John Kerry, D-Mass., Blackstone said that a tax boost for publicly traded private equity and hedge fund firms and would discourage them from going public, thus depriving the government of revenue it would otherwise have collected as a result of initial stock sales, according to Bloomberg. ``In our opinion, the Baucus-Grassley bill would actually result in a significant net loss of tax revenues by dramatically decreasing the number of firms willing to access the public markets," the letter said. The private equity firm also claims that the tax increase would hurt earnings and take away as much as $10.5 billion of the firm's $25 billion market value.

Latest News

SEC Says Game Service Roblox Part of ‘Active Investigation’
SEC Says Game Service Roblox Part of ‘Active Investigation’

Short sellers previously said the company was under investigation, though Roblox denied allegations.

Musk’s DOGE descends on CFPB with intention to shut it down
Musk’s DOGE descends on CFPB with intention to shut it down

The Consumer Financial Protection Bureau is in the crosshairs of the Republican group that is widely attempting to dismantle government agencies.

Advisor fighting Finra banishment loses $17.7 million dispute with old firm
Advisor fighting Finra banishment loses $17.7 million dispute with old firm

National Securities Corp. sued the advisor in 2020, alleging breach of contract and unjust enrichment.

Job numbers, inflation leaving room for Fed to hold rates
Job numbers, inflation leaving room for Fed to hold rates

Recent data support a measured pace by the Federal Reserve for the year ahead.

Private assets remain hot despite surging stock market
Private assets remain hot despite surging stock market

Financial advisors are still adding alternatives despite the surge in publicly traded stock prices

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.

SPONSORED Why wealth advisors should care about the future of federal tax policy

Blue Vault features expert strategies to harness for maximum client advantage.