Billionaire Leon Cooperman.
Billionaire Leon Cooperman went on CNBC and spoke out against Elizabeth Warren’s wealth tax again. Cooperman is one of the most vocal opponents of both Sen. Warren and her key policy agenda item. He recently declined Warren’s invitation to testify to the Senate; she said he was “too frightened.” See more stories on Insider’s business page.
Billionaire Leon Cooperman has lodged yet another entry in his ongoing back-and-forth with Sen. Elizabeth Warren over a wealth tax. He added a new wrinkle to it today: Eliminating the Department of Education instead, saying the country doesn’t need to progress in that area anymore.
In a CNBC interview on Friday, Cooperman again criticized Warren and her chief policy item. The war of words between the two stretches back years. Most recently, Warren invited Cooperman to testify in a Senate Finance hearing on taxes, and after Cooperman declined, the Massachusetts senator accused him of being “too frightened” to appear. (Pro-wealth tax millionaire Abigail Disney testified instead.)
“I do believe in the progressive income tax structure; I do believe rich people should pay more,” Cooperman told CNBC’s Squawk Box, before adding, “the wealth tax makes no sense to me, for lots of reasons.” He noted that wealth taxes have been eliminated in almost all countries where they’ve been introduced.
Under Warren’s Ultra-Millionaire Tax Act, households with a net worth between $50 million to $1 billion would see a 2% tax, while those holding over $1 billion would see a 3% tax.
Instead, Cooperman floated alternatives, including raising the marginal tax rate, eliminating carried interest, and eliminating tax code item 1301, which Cooperman said allows “real estate” to indefinitely roll forward capital gains. Then he went further.
“We should eliminate the Department of Education,” Cooperman said. “We don’t need a $100 billion cabinet to tell the states how to educate their children. Segregation is over, okay.”
Cooperman’s remarks on segregation are belied by data and recent research, however. A February 2020 report from the left-leaning