Goldman CEO: I’ll pay 5 percent more tax for budget deal

October 27, 2012

Goldman CEO: I'll pay 5 percent more tax for budget deal

Goldman Sachs CEO Lloyd Blankfein on Thursday was the last leader of the party of big names to commit to a higher tax pay – 5 percent, he said – in exchange a long-term bipartisan agreement in Congress to the country keep from falling off the “cliff tax.”

Blankfein is part of a group of business leaders who have raised nearly $ 30 million to an agreement to support the nearly $ 600 billion in tax increases and spending cuts planned to avoid to introduce at the end of the year.

Asked if he would pay 5 percent more taxes if it was necessary for Congress to an agreement, he said: “Of course I do not know … who does not.”

Blankfein, who described his political views as “center-left”, was interviewed Thursday with Erskine Bowles and Alan Simpson on CNBC.

Blankfein also said that a “huge” impact on the economy as a bipartisan compromise was reached.

“I would be a buyer’s market,” he said.

Simpson and Bowles were co-chairmen of a bipartisan commission by President Barack Obama in December 2010, with a comprehensive proposal of the budget deficit, which on top $ 1 trillion was a number of years to reduce.

Commission report has some support among Democrats and Republicans as a model reducing the deficit, but when it was first proposed, Obama has not acted on it and most House Republicans against.

two Simpson and Bowles would be the country with the group of companies urge a similar proposal

They are also looking for a group of senators known as the “Gang of Eight” to influence -. four Democrats and Republicans together work out a bipartisan agreement and the model

.

Despite the pressure for a broad deficit reduction deal to the cliff to avoid budget, Congress has postponed any decision until November 6 presidential and legislative.

This gives lawmakers a few weeks to act for the automatic cuts and tax increases are activated under a Finance Act passed by Congress in 2011.

budget and fiscal issues among the main issues discussed during the vice-presidential debate on Thursday.

MISCELLANEOUS BUSINESS GROUP

business, all eager to tax cuts, splinters details of which tax breaks to eliminate.

More than half of all businesses are not companies like Goldman Sachs, but are so organized that they pay taxes at special rates. This includes small businesses and larger companies such as law firms and hedge funds.

“Everyone is comfortable giving away money to someone else,” says Dirk von Dongen, president of the National Association of wholesalers and distributors, the composition 60 percent pass-through companies.

Another skeptic is Brian Reardon, a former economic adviser to the Republican and now head of a group of commercial pressures that these companies.

“The problem with this theory is that it assumes that you rates and more revenue will go to reducing the deficit to increase,” said Reardon.

The corporate tax rate does not change at the end of the year, although most individual taxes could increase. Both Obama and Republican challenger Mitt Romney support lowering the maximum rate of 35 percent legal.

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