Reuters/ Rick Wilking
- Hedge fund billionaire Leon Cooperman told Politico that Elizabeth Warren is “s—ing” on the American dream with her wealth tax proposal targeting the ultra-rich.
- “What is wrong with billionaires? You can become a billionaire by developing products and services that people will pay for,” Cooperman said.
- The famed investor told CNBC last week that a Warren or Bernie Sanders presidency would tank the stock market by 25%.
- Visit the Business Insider homepage for more stories.
Hedge-fund billionaire Leon Cooperman isn’t pulling his punches when it comes to talking about democratic presidential candidate Elizabeth Warren’s plan to tax the ultra-rich.
“What is wrong with billionaires? You can become a billionaire by developing products and services that people will pay for,” Cooperman told Politico.
He added: “I believe in a progressive income tax and the rich paying more. But this is the f—ing American Dream she is s—-ing on.”
This isn’t the first time the billionaire has taken issue with Warren’s opposition to the ultra-rich.
Last week, Cooperman told CNBC that a Warren or Bernie Sanders presidency would tank the stock market by 25%, citing both the candidates’ proposals for taxing the weathly.
The famous founder of Omega Advisors called wealth taxes “baloney,” using a quote attributed to Winston Churchill, arguing that “you don’t make poor people rich by making rich people poor.”
Warren’s proposal includes a 2% tax on families with a net worth of $50 million to $1 billion and a 3% tax on households worth north of $3 billion. The tax would help fund a slate of new government programs aimed at reducing income inequality and improving healthcare and education.
