Blackstone says Senate legislation would cost government

08/24/2007 | Bloomberg

Blackstone's tax bill would triple to $525 million under legislation now pending in the Senate, the private-equity firm said. In a letter to Sen. John Kerry, D-Mass., the company said the legislation to raise taxes on buyout firms and hedge funds would also discourage other companies from going public, robbing the government of revenue. "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," Blackstone said.

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