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BlackRock’s Fink Delivers Grim Outlook With Tax Hikes for Corporate America

  • CEO lays out concern for consumer demand, bankruptcies on call
  • He says U.S. corporate tax rate may rise to about 29% from 21%
Larry Fink
Larry Fink

Photographer: Justin Chin/Bloomberg

BlackRock Inc. Chief Executive Officer Larry Fink had a stark message for a private audience: As bad as things have been for corporate America in recent weeks, they’re likely to get worse.

Mass bankruptcies, empty planes, cautious consumers and an increase in the corporate tax rate to as high as 29% were part of a vision Fink sketched out on a call this week. The message from the leader of the world’s biggest asset manager contrasts with the ebullient tones of a stock market that has snapped back from recent lows.