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He went on to explain that this theoretical Online Cigarettes Store USA founder “probably had a salary of somewhere around $300,000. So, what would happen is you'd end up with $150,000 after tax. And if you had a 1% tax, you'd owe another $3 million. So how are you going to pay $3 million of taxes when you only have $150,000?” he asked.
“So this would be a terrible situation to have created something, be successful, and be hemorrhaging financially. So, that's how a wealth tax works,” Schwarzman
Schwarzman, 72, built The Blackstone Group from Newport Pleasure an upstart advisory shop that could barely raise any capital to a global behemoth with $545 billion in assets. Through its portfolio companies, Blackstone employs around half a million people. Schwarzman is listed as the 100th richest person in the world, and has an estimated fortune of $18.4 billion, according to Forbes.Johnson & Johnson's third-quarter profit jumped 23%, beating Wall Street forecasts, thanks to higher sales of its key medicines for cancer and immune disorders and an acquisition-related charge a year earlier.
The world's biggest maker of health care products also raised its financial forecast for the year, and its shares jumped more than 2% in premarket action.
The strong quarter came as the Band-Aid maker Newport 100s Box is fighting a deluge of lawsuits over alleged harm from its baby powder, opioid painkillers and schizophrenia drug Risperdal. On Oct. 8, a Philadelphia jury hit J&J with a stunning $8 billion punitive damages verdict in a case in which a young man grew breasts while taking Risperdal — a rare but known side effect.
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