Speed Reads

billionaire tears

Sen. Elizabeth Warren challenges her billionaire nemesis to critique wealth tax before Congress

Sen. Elizabeth Warren (D-Mass.) is calling on investor Leon Cooperman to come face her and other lawmakers in a Senate Finance Committee hearing next week.

Cooperman, a billionaire investor and one of Warren's most prominent critics, is considering her invitation, which he received via a letter from Warren on Monday, reports CNBC. The subcommittee, chaired by Warren, has titled the April 27 hearing "Creating Opportunity Through a Fairer Tax System" in hopes of discussing the senator's wealth tax proposal.

Warren and Cooperman clashed during Warren's presidential campaign as a wealth tax became a central pillar of her campaign. Warren's latest Ultra-Millionaire Tax Act proposal seeks to "level the playing field and narrow the racial wealth gap" through increased taxes for the top 0.05 percent, she says. With a net worth of over $2 billion, Cooperman would be affected by the bill, which proposes a 3 percent annual tax on wealth exceeding $1 billion.

Cooperman previously argued Warren had no regard for the American Dream, and participated in an emotional 2019 interview with CNBC decrying her proposal and her "vilification of billionaires." In return, Warren's campaign created a mug with the tagline "BILLIONAIRE TEARS."

In a March 2021 interview, Cooperman told CNBC that if Warren's tax proposal passes, Americans should buy gold as a way of "hiding their wealth," and said while he believes the wealthy should pay more, Warren's strategy is an idea with "no merit." The saga may come to an end if Cooperman agrees to face lawmakers in the congressional hearing, where Warren plans to allow Cooperman to voice his concerns about her bill. Warren has requested he RSVP by Thursday.