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Blackstone CEO: A wealth tax would drive people out of the United States

Blackstone CEO Stephen Schwarzman responds to claims that "billionaires shouldn't exist." Many billionaires have taken risks to start businesses that provide employment and prosperity to others — as well as tax revenue, Schwarzman notes. He noted that only four countries in the entire world have a wealth tax, suggesting that such a tax is not tenable. If the U.S. had a wealth tax, those with money would leave while others would never come to the country at all, according to Schwarzman.