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 wealthtaxproposal.
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."
Leon, you were able to succeed because of the opportunities this country gave you. Now why don't you pitch in a bit more so everyone else has a chance at the American dream, too? https://t.co/OODIM7RcRn
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. Anne St. Jean
Sen. Elizabeth Warren's (D-Mass.) latest shot at billionaires has one one-percenter ready to blow.
Warren, a 2020 frontrunner, has compiled some billionaires' angry reactions to her proposed "wealth tax" into a new ad set to premiere on CNBC this week. One of those unhappy rich guys is Leon Cooperman, and after seeing Warren's ad, tossed a few f-bombs her way in protest.
Warren's proposed wealth tax would have the nation's wealthiest people handing more money to the federal government after her election. According to her website's calculator, that would be $151 million for Cooperman next year, out of his $3.2 billion net worth. "You'll still be extraordinarily rich," Warren's website truthfully tells Cooperman, but he has still said Warren's "vilification of billionaires makes no sense to me. It's bull."
A clip of Cooperman saying that appears in Warren's ad, followed by a reminder that he was "charged with insider trading." And after Cooperman saw that, he decided to call Warren "disgraceful" in an interview with CNBC. "She doesn't know who the f--- she's tweeting. I gave away more in the year than she has in her whole f----ing lifetime," Cooperman continued. Cooperman also said he "won" his case involving insider trading, though he actually just settled it with the Securities and Exchange Commission.
Upon seeing Cooperman's response, Warren's chief strategist Joe Rospars had just one question. Kathryn Krawczyk