Andrew Harrer/Bloomberg © 2015 Bloomberg Finance LP: As tensions rise between Wall Street and progressive 2020 candidate Elizabeth Warren, billionaire hedge fund founder Leon Cooperman criticized Warr
Andrew Harrer/Bloomberg © 2015 Bloomberg Finance LP: As tensions rise between Wall Street and progressive 2020 candidate Elizabeth Warren, billionaire hedge fund founder Leon Cooperman criticized Warren in a five page letter Wednesday that defends the ultra-rich and rips into Warren’s proposed wealth tax, her signature policy proposal.
In the letter, Cooperman touted his own humble beginnings and philanthropy work, saying that many billionaires—including Home Depot founders Ken Langone, Bernie Marcus and Arthur Blank, along with the former New York City mayor Michael Bloomberg—are self made, and work hard to provide jobs to “tax paying workers.”
He said that Warren’s “vilification of the rich is misguided, ignoring, among other things, the sources of their wealth and the substantial contributions to society which they already; unprompted by you, make.”who pointed out that other developing nations have abandoned the idea of a wealth tax because, they argue, it is difficult to enforce, hard to administer and ultimately ineffective.
He also made an argument that Warren’s advisers—University of California, Berkeley economists Emmanuel Saez and Gabriel Zucman—understate how much the rich pay in taxes and overstate how much the poor pay because they focus on gross, not net, taxes.that “Leon is wrong. I'm fighting for big changes like universal child care, investing in public schools, and free public college. We can do all of that with a #TwoCentWealthTax.
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