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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Before Provision for Taxes | The Income Before Provision for Taxes consists of the following:
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Income Before Provision (Benefit) for Taxes |  |  |  |  |  |  |  |  |  |  |  |
U.S. Domestic Income |  | $ | 3,023,588 |  |  | $ | 13,275,132 |  |  | $ | 2,311,734 |
Foreign Income |  |  | 438,201 |  |  |  | 284,264 |  |  |  | 305,786 |
|  | $ | 3,461,789 |  |  | $ | 13,559,396 |  |  | $ | 2,617,520 |
Provision (Benefit) for Income Taxes | The Provision for Taxes consists of the following:
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Current |  |  |  |  |  |  |  |  |  |  |  |
Federal Income Tax |  | $ | 503,075 |  |  | $ | 507,648 |  |  | $ | 163,227 |
Foreign Income Tax |  |  | 75,859 |  |  |  | 55,376 |  |  |  | 38,914 |
State and Local Income Tax |  |  | 255,421 |  |  |  | 156,735 |  |  |  | 66,355 |
|  |  | 834,355 |  |  |  | 719,759 |  |  |  | 268,496 |
Deferred |  |  |  |  |  |  |  |  |  |  |  |
Federal Income Tax |  |  | (312,961 | ) |  |  | 373,223 |  |  |  | 86,958 |
Foreign Income Tax |  |  | (3,048 | ) |  |  | (2,654 | ) |  |  | 870 |
State and Local Income Tax |  |  | (45,466 | ) |  |  | 94,073 |  |  |  | (310 | )
|  |  | (361,475 | ) |  |  | 464,642 |  |  |  | 87,518 |
Provision for Taxes |  | $ | 472,880 |  |  | $ | 1,184,401 |  |  | $ | 356,014 |
Summary of Blackstone's Tax Position | The following table summarizes Blackstone’s tax position:
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Income Before Provision for Taxes |  | $ | 3,461,789 |  |  | $ | 13,559,396 |  |  | $ | 2,617,520 |
Provision for Taxes |  | $ | 472,880 |  |  | $ | 1,184,401 |  |  | $ | 356,014 |
Effective Income Tax Rate |  |  | 13.7 | % |  |  | 8.7 | % |  |  | 13.6 | %
Reconciliations of Effective Income Tax Rate to Federal Statutory Tax Rate | The following table reconciles the effective income tax rate to the U.S. federal statutory tax rate:
|  |  |  |  |  |  |  | 2022 |  | 2021
|  | Year Ended December 31, |  | vs. |  | vs.
|  | 2022 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Statutory U.S. Federal Income Tax Rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | % |  |  | — |  |  |  | — |
Income Passed Through to Non-Controlling Interest Holders |  |  | -8.1 | % |  |  | -10.2 | % |  |  | -10.1 | % |  |  | 2.1 | % |  |  | -0.1 | %
State and Local Income Taxes |  |  | 6.0 | % |  |  | 2.1 | % |  |  | 2.4 | % |  |  | 3.9 | % |  |  | -0.3 | %
Change to a Taxable Corporation |  |  | — |  |  |  | — |  |  |  | 1.4 | % |  |  | — |  |  |  | -1.4 | %
Change in Valuation Allowance |  |  | — |  |  |  | -4.1 | % |  |  | -2.8 | % |  |  | 4.1 | % |  |  | -1.3 | %
Basis Adjustment (a) |  |  | -4.6 | % |  |  | — |  |  |  | — |  |  |  | -4.6 | % |  |  | — |
Other |  |  | -0.6 | % |  |  | -0.1 | % |  |  | 1.7 | % |  |  | -0.5 | % |  |  | -1.8 | %
Effective Income Tax Rate |  |  | 13.7 | % |  |  | 8.7 | % |  |  | 13.6 | % |  |  | 5.0 | % |  |  | -4.9 | %
(a) | Represents the impact of the out-of-period adjustment made during the year ended December 31, 2022 to revise the book investment basis used to calculate deferred tax assets and the deferred tax provision.
Summary of Tax Effects of Temporary Differences | A summary of the tax effects of the temporary differences is as follows:
|  | December 31,
|  | 2022 |  | 2021
Deferred Tax Assets |  |  |  |  |  |  |  |
Investment Basis Differences/Net Unrealized Gains and Losses |  | $ | 2,031,002 |  |  | $ | 1,572,672 |
Other |  |  | 31,720 |  |  |  | 8,965 |
Total Deferred Tax Assets |  |  | 2,062,722 |  |  |  | 1,581,637 |
Deferred Tax Liabilities |  |  |  |  |  |  |  |
Investment Basis Differences/Net Unrealized Gains and Losses |  |  | 15,409 |  |  |  | 15,421 |
Other |  |  | 31,498 |  |  |  | 16,439 |
Total Deferred Tax Liabilities |  |  | 46,907 |  |  |  | 31,860 |
Net Deferred Tax Assets |  | $ | 2,015,815 |  |  | $ | 1,549,777 |
Schedule of Major Filing Jurisdictions and Open Period Subject to Examinations | The following are the major filing jurisdictions and their respective earliest open period subject to examination:
Jurisdiction |  | Year
Federal |  |  | 2019 |
New York City |  |  | 2009 |
New York State |  |  | 2016 |
United Kingdom |  |  | 2011 |
Blackstone's Unrecognized Tax Benefits Excluding Related Interest and Penalties | Blackstone’s unrecognized tax benefits, excluding related interest and penalties, were:
|  | December 31,
|  | 2022 |  | 2021 |  | 2020
Unrecognized Tax Benefits — January 1 |  | $ | 47,501 |  |  | $ | 32,933 |  |  | $ | 24,958 |
Additions for Tax Positions of Prior Years |  |  | 106,059 |  |  |  | 14,557 |  |  |  | 7,959 |
Exchange Rate Fluctuations |  |  | 64 |  |  |  | 11 |  |  |  | 16 |
Unrecognized Tax Benefits — December 31 |  | $ | 153,624 |  |  | $ | 47,501 |  |  | $ | 32,933 |

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- Definition Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI https://asc.fasb.org/extlink&oid=126976462&loc=d3e36027-109320 + Details
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