U.S. tax plan cannot be passed as it is says BlackRock Inc CEO Larry Fink

FILE PHOTO - Larry Fink, Chief Executive Officer of BlackRock, takes part in the Yahoo Finance All Markets Summit in New York, U.S., February 8, 2017. REUTERS/Lucas Jackson/File Photo
Vastavam web: BlackRock Inc (BLK.N) Chief Executive Larry Fink on Tuesday said a U.S. tax plan backed by the Trump administration cannot be passed as it is, noting the proposal would add to the deficit.The Trump administration outlined a proposal last week that would provide $5.99 trillion in tax cuts while reducing federal revenues by a net $2.4 trillion in the next 10 years, according to a first detailed analysis of the plan by the non-profit Washington-based Tax Policy Center.
Fink said he is concerned that deficits could expand even as the U.S. elderly population grows, raising the cost of social-insurance programs and forcing the United States government to fund its spending by borrowing abroad.While Fink said markets are fine and will do well until the end of the year, he noted that he sees more “value” outside the United States. BlackRock manages $5.7 trillion.
Regarding a fierce debate over the utility of cryptocurrencies such as bitcoin BTC=BTSP, Fink described himself as “a big believer in the potential of what a cryptocurrency can do.” But he added that the digital currencies are currently being used for “money laundering” and speculation.JPMorgan Chase & Co Chief Executive Jamie Dimon last month said bitcoin, which has soared nearly 350 percent this year, “is a fraud” and will blow up. But Fidelity Investments struck a more optimistic note, starting its own bitcoin “mining” operation to create new coins.