Schwarzman Sees Potential Risk to Economy in Higher Taxes

Stephen Schwarzman, chief executive officer of Blackstone Group LP, said a dramatic change in tax policy under Democratic lawmakers or a rise in interest rates by the Federal Reserve could be a shock to the economy.

“If there’s dramatic change in the tax area, if the Democrats win, that would be a disincentive,” Schwarzman said April 29 on Bloomberg Television from the Milken Institute Global Conference in Los Angeles. Some policies that Democratic candidates for president are talking about could slow the economy, said the CEO, who led President Donald Trump’s economic advisory council before it was disbanded.

While he ...