Deal Journal colleague Robert Frank has an interesting analysis of Steve Schwarzman?s tax rate:
Steve Schwarzman is emerging as the anti-Buffett of the tax debate.
In an interview on CNBC yesterday, the CEO of Blackstone Group was asked about Warren Buffett?s claim that the rich pay lower tax rates than everyday workers. Mr. Buffett?s oft-repeated anecdote, made again in the New York Times op-ed, is that he pays a federal income-tax rate of only 17%, while his secretary pays 35%.
Schwarzman told Maria Bartiromo that he pays a much higher tax rate: 53% to be exact.
?My personal taxes are 53% of my taxable income,? he said. ?That?s 36% on the federal level and 17% for state and local.?
Source: http://blogs.wsj.com/deals/2011/09/08/does-blackstones-schwarzman-need-a-better-accountant/
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