Leon Cooperman flags wealth tax as a bad idea. Elizabeth Warren’s (D-MA) “ultra-millionaire” wealth tax is being proposed and if the idea gains traction it will impact billionaires like Leon Cooperman.
Leon Cooperman flags wealth tax as a terrible idea because people will simply hide their wealth. “The idea has no merit. It’s foolish. It probably is not legal,” Cooperman told “Squawk Box” on Wednesday
In part, a wealth tax has never been implemented in the US, and there is no legal consensus about its constitutionality.
“Elizabeth Warren’s (D-MA) “ultra-millionaire” wealth tax is being proposed and if the idea gains traction it will impact billionaires”
WEALTH TRAINING COMPANY
If Leon Cooperman flags wealth tax as a bad idea, which could eventually be passed into law then what should the ultra-wealthy, the likes of Leon Cooperman then do?
“If the wealth tax passes, go out and buy yourself some gold because people are going to rush to find ways of hiding their wealth” said Leon Cooperman.
Warren’s tax scheme proposes a levy of 2% annual tax on overall assets for those worth more than $50 million, and 3% on those worth over $1 billion. If the wealth tax comes into law then it could potentially raise over $78 billion per year, according to an analysis by Bloomberg.
The wealth tax is gaining momentum in the US with Massachusetts Democrat and other progressives in Congress unveiled their plan for an annual tax of 2%, or 2 cents, on every dollar of people’s wealth worth $50 million to $1 billion.
Needless to say, billionaires will have their wealth pinched the most as those who have amassed a fortune of above $1 billion would be subject to an annual tax of 3%, or 3 cents, on every dollar above that threshold.
“If the wealth tax passes, go out and buy yourself some gold because people are going to rush to find ways of hiding their wealth”
LEON COOPERMAN
Greater China housed the most billionaires worldwide at 1,058, then the second is the US with 696 billionaires, according to the Hurun Global Rich List 202.
Leon Cooperman flags wealth tax as a bad idea but backers believe that a tax on the ultra-wealthy could raise at least $3 trillion in revenue over 10 years, according to University of California-Berkeley economist Emmanuel Saez and Gabriel Zucman.
“I believe in the progressive income tax structure. I believe that rich people should pay more” – Leon Cooperman
While Leon Cooperman flags wealth tax as a bad idea he is also an advocate of a progressive tax structure
“I believe in the progressive income tax structure. I believe that rich people should pay more” said Leon Cooperman.
We’ve got to decide whether we’re a capitalist nation or a socialist nation” says Lee Cooperman. “I’m a capitalist with a heart” he said
So, it looks like Democrat senator Elizabeth Warren wants a piece of Leon Cooperman’s heart.
Warren recently appeared on CNBC saying that she thinks wealth tax could be “transformative” for the United States, which could then use the money for early childhood education and infrastructure.
So standby for soak the ultra-rich tax policies gaining traction globally as citizens vote in left-leaning governments. But if the ultra-wealthy are good at making it, they are also good at hiding it, which is why Leon Cooperman flags wealth tax as a bad idea.
