Appearing on the CNBC show 'Squawk Box,' Omega Advisors CEO Leon Cooperman offered his thoughts on what a victory by the Massachusetts senator would do to the economy.
calls for a 2 percent tax on every dollar a household has above $50 million. Households with more than $1 billion will be taxed at 3 percent.
"My question is not why do Bernie and I support a wealth tax. It's why is it does everyone else on this stage think it is more important to protect billionaires than it is to invest in an entire generation of Americans," Warren asked during Tuesday's Democratic debate. She later took heat from two of her opponents, former Vice President Joe Biden and Minnesota Senator Amy Klobuchar, for her statement criticizing the other candidates onstage.
"I believe in a progressive income tax structure. I believe rich people should pay more—I have no problem with that. This wealth tax is baloney," Cooperman said on. He later added:"Education and faster economic growth is the answer. At the end of the day, capitalism is what distinguishes America."reported that Cooperman has a net worth of $3.2 billion. He received an MBA from Columbia University in 1967 and created the Omega Advisors hedge fund in 1991.
"You don't make the poor people rich by making rich people poor," he said Wednesday."The Democratic Party seems to be leaning towards the left on policies, which is very harmful for the economy. I don't like the shift to the left." Senator Elizabeth Warren speaks during the Democratic presidential debate at Ohio's Otterbein University on October 15.
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