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Schwarzman Tells CNBC He Paid 53% in Personal Income Taxes

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Sept. 7 (Bloomberg) -- Blackstone Group LP Chairman Stephen Schwarzman said he paid an effective personal income tax rate of 53 percent last year and he would favor a flat tax.

Schwarzman was taxed at 36 percent by the U.S. and 17 percent by state and local governments, he said today in a CNBC interview. He said the U.S. should levy a flat tax as part of comprehensive reform.

“I’m not feeling undertaxed,” he said. “Tax reform is an important issue. You have to have an inherent sense of fairness.”

Schwarzman was paid a $350,000 salary and no bonus last year, the company said in a February filing with the U.S. Securities and Exchange Commission. His share of the firm’s projected profits increased by $6.39 million during 2010.

About $399.2 million worth of Blackstone stock held by Schwarzman vested last year, and the value of his unvested stock was $544.7 million at the end of 2010, the filing said.

He was ranked 169th on Forbes magazine’s list of the world’s richest people earlier this year, with an estimated net worth of $5.9 billion.

To contact the reporter on this story: Jason Kelly in New York at jkelly14@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net

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