We use cookies to provide some features and experiences in QOSHE

More information  .  Close
Aa Aa Aa
- A +

Why should we care what billionaires think of the wealth tax?

7 32 27

They say that Wall Street is not supposed to be an emotional place, but if you want to see the "Masters of the Universe" burst into tears you need only bring up Sen. Elizabeth Warren's wealth tax proposal.

Last week billionaire investor Leon Cooperman called the policy "foolish" on CNBC. This after, back in 2019, he openly cried about the policy on the network, basically claiming that Warren was bullying him and ultra-wealthy individuals like him.

"I don't need Elizabeth Warren telling me that I'm a deadbeat and that billionaires are deadbeats. The vilification of billionaires makes no sense to me. The world is a substantially better place because of Bill Gates, Michael Bloomberg, David Rubenstein, Bernie Marcus, Ken Langone," Cooperman said.

Warren's "Ultra Millionaire Tax Act," which Senate Democrats unveiled earlier this month, would impact precious few Americans. It would place a 2% tax on household net worth between $50 million and $1 billion and a 3% tax on household net worth over $1 billion.

Yet discussions around the policy constantly center around what it would do to the few people it would impact and how this vanishingly small group of people personally feel about it. Billionaires — who always seem available to comment on this issue despite their busy schedules — argue that it would be a failure, that it would be unenforceable, or that rich people would simply leave rather than pay the tax.

And to all that I say: So what?

Letting billionaires decide how much they pay in taxes is like letting the biggest kid on the playground decide how much time........

© Business Insider

Get it on Google Play