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Income Taxes (Tables)

12 Months Ended

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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