Reuters/ Rick Wilking
- The hedge-fund billionaire Leon Cooperman told Politico that Elizabeth Warren was “s—ting” on the American dream with her wealth-tax proposal targeting the ultrarich.
- “What is wrong with billionaires?” Cooperman said. “You can become a billionaire by developing products and services that people will pay for.”
- 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.
The hedge-fund billionaire Leon Cooperman isn’t pulling any punches when it comes to talking about the Democratic presidential candidate Elizabeth Warren’s plan to tax the ultrarich.
“What is wrong with billionaires?” Cooperman told Politico. “You can become a billionaire by developing products and services that people will pay for.”
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—ting on.”
This isn’t the first time the billionaire has taken issue with Warren’s opposition to the ultrarich.
Last week, Cooperman told CNBC that a Warren or Bernie Sanders presidency would tank the stock market by 25%, citing both candidates’ proposals for taxing the wealthy.
The famous founder of Omega Advisors called wealth taxes “baloney” and, using a quote attributed to Winston Churchill, argued 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 that. The tax would help fund new government programs aimed at reducing income inequality and improving healthcare and education.
Read more: ‘A license to print money’: A former chemical engineer and Ph.D. with no market experience now makes a living day-trading full time. Here’s his 3-step process to finding that one successful trade that makes his day.