Steve Schwarzman: Even Rich Americans Need To ‘Give Something Up’ To Narrow Deficit (VIDEO)
The billionaire who last year compared Obama’s attempts to raise taxes on private equity firms with Hitler’s invasion of Poland, on Monday said even rich Americans will have to “give something up” to help narrow the deficit.
In response to a question about raising taxes on the richest 2 percent of Americans, Stephen Schwarzman, the billionaire founder of private equity giant, the Blackstone Group, said the deficit was serious enough that almost everybody in society would have to “give something up.” (Scroll down for video.)
“And no one’s going to like it,” Schwarzman told Bloomberg. “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,” he said of the attempts to effectively end the Bush-era tax cuts.