Quote of the Day: On the ‘Blackstone Tax’
From a subscription-only Wall Street Journal editorial, on the private-equity tax heist Congress is brewing up:
So let’s compare: Country A takes a $3 billion stake like any other investor in a company’s initial public offering. Country B doesn’t bother with such capitalist niceties and instead arbitrarily changes its tax law to grab a share of the IPO’s income stream. Who would have guessed that Country A is Communist China and Country B is America?
