Pimco's Gross says higher taxes would improve U.S. economy

Reuters

NEW YORK, Oct 31 (Reuters) - Bill Gross, co-founder andco-chief investment officer of bond giant Pimco, said Thursdaythat tax reform in the United States would improve the nation'seconomic growth.

"Growth depends on investment and investment in part dependson an equitable rebalancing of personal income taxes, capitalgains and carried interest," Gross said in his monthly letter toinvestors.

Gross also said that, by broadly increasing taxes, theUnited States could improve its competitive stance and"challenge more productive economies such as Germany andCanada."

Gross, whose $250 billion Pimco Total Return Fund is theworld's largest mutual fund, also said that developed economiesfunction best when income inequality is minimal.

Pacific Investment Management Co., a unit of Europeanfinancial services company Allianz SE, had $1.97trillion in assets as of Sept. 30, according to the firm's Website.

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