STEVE SCHWARZMAN: Rich People Need To Swallow The Medicine Of Higher Taxes


Steve Schwarzman just appeared on Bloomberg talking about the government.

Although the Blackstone chairman condemned Obama last summer for being anti-business, he says that since the election “there’s been much more positive rhetoric from all parties toward the business community.”

He says it’s important to close the deficit, and that doing so WILL involve raising taxes on rich people.

“I think there are a lot of different ways to narrow the deficit. My own view is that… almost everybody in society is going to have to give something up and no one’s going to like it. It’s like medicine in the old days that tasted really bad but if you didn’t take your medicine you weren’t going to get healthy.

When asked whether he agrees with co-founder Pete Peterson that carried interest should be taxed as regular income, Schwarzman suggested that he might.

“Everyone in society is going to end up bearing some burden except the very poor who need to be protected. This is a widespread issue where everyone is going to need to give something up.”

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at