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Sen. Elizabeth Warren desires considered one of her greatest critics to face lawmakers in a listening to subsequent week.
Warren, a progressive Democrat from Massachusetts, is inviting billionaire investor Leon Cooperman to testify earlier than a Senate Finance subcommittee listening to on taxes.
Cooperman, in a response given to CNBC, acknowledged he obtained the message and mentioned that he’s contemplating Warren’s invitation. The senator requested that Cooperman verify his attendance by Thursday.
Warren, in a letter to Cooperman first obtained by CNBC, referred to as on the financier to attend a listening to being organized and led by the Finance Committee’s Fiscal Duty and Financial Development subcommittee, which she chairs. The listening to, set for April 27, is titled Creating Alternative By a Fairer Tax System.
Warren advised Cooperman within the letter she is enthusiastic about giving the longtime Wall Avenue government “a possibility to debate my Extremely-Millionaire Tax Act, which might stage the financial taking part in subject and slim the racial wealth hole by asking the wealthiest 100,000 households in America, or the highest 0.05%, to pay their fair proportion.” The letter was despatched to Cooperman on Monday.
A rivalry between Warren and Cooperman exploded throughout the Democrat’s marketing campaign for president. After she proposed a wealth tax throughout the major, Cooperman blasted her proposal in a letter to the lawmaker.
“Nonetheless a lot it resonates along with your base, your vilification of the wealthy is misguided, ignoring, amongst different issues, the sources of their wealth and the substantial contributions to society which they already, unprompted by you, make,” he mentioned on the time.
A month later, Warren’s marketing campaign ran a TV advert on CNBC taking intention at Cooperman and different enterprise leaders. Her marketing campaign additionally bought a mug that learn “BILLIONAIRE TEARS” in response to a CNBC interview throughout which Cooperman cried.
Cooperman has since accomplished quite a few interviews ripping Warren’s tax proposals, together with a CNBC look in March during which he suggested viewers to purchase gold if such a invoice passes.
“If the wealth tax passes, exit and purchase your self some gold as a result of individuals are going to hurry to search out methods of hiding their wealth,” Cooperman advised CNBC on the time.
Cooperman expressed skepticism Tuesday about Warren’s invitation.
“I am attempting to find out whether or not she’s being goal or whether or not she’s simply attempting to advertise her personal agenda,” Cooperman advised CNBC in an announcement. “I am a bit suspicious given how she by no means responded to the letter I despatched her earlier than.”
Cooperman, who will flip 78 two days earlier than the listening to, is among the most outspoken members of the investor neighborhood. He usually speaks of his rags-to-riches story: rising up within the South Bronx because the little one of working-class Polish immigrants, attending public faculties, and beginning his first Wall Avenue job – with Goldman Sachs – in debt and with zero internet value.
After greater than 20 years with Goldman, Cooperman based the hedge fund Omega Advisors in 1991. He’s now the CEO of the Omega Household Workplace. Final 12 months, he signed the Giving Pledge, which is a dedication by wealthy folks to donate a majority of their wealth to charity.
“That is the American Dream,” he mentioned. “I need to give others the chance to dwell the American Dream.”
Warren addresses Cooperman’s points together with her wealth tax concept within the letter despatched Monday, encouraging him to debate his considerations in entrance of her committee and people watching from residence.
“However as we transfer expeditiously towards consideration of modifications to our rigged tax code in order that the rich pay their fair proportion, I consider you need to be afforded the possibility to current your perspective on to Congress,” she writes to Cooperman. “The chance will help you absolutely air your views, not merely in entrance of the monetary information viewers the place you usually specific them, however earlier than everything of the American folks.”
Warren and different Democratic lawmakers have pitched a 3% complete annual tax on wealth exceeding $1 billion.
They’ve additionally referred to as for a lesser, 2% annual wealth tax on the web value of households and trusts starting from $50 million to $1 billion.
Cooperman’s internet value is at $2.5 billion, in accordance with Forbes.
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