Cooperman: $400K Income Targeted By Democrats Doesn't Make One 'Rich' -- Instead, "Deal With The Loopholes"

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by Tyler Durden
Thursday, Nov 11, 2021 - 03:40 PM

Billionaire investor and Elizabeth Warren foe Leon Cooperman has news for the Biden administration: earning $400,000 per year doesn't make one 'rich' - the income level at which Democrats plan to start aggressively raising taxes.

"I believe rich people should pay more in taxes," the 78-year-old Cooperman told Bloomberg Television Thursday morning. "The question we have to deal with as nation is coalesced around the question: What should the maximum tax rate be on wealthy people?"

"We don’t need new forms of taxation -- deal with the loopholes," he added, pointing to rules such as the carried interest exemption which allows some private equity managers and venture capitalists avoid higher tax rates on one of their primary forms of compensation.

"I think it’s becoming a little bit clearer that the general populace is not in line with the progressives," Cooperman added.

Cooperman, who closed his money management business in 2018 and converted Omega Advisors into a family office - cashing investors out at a record high after annualized returns of 12.4%.

He's spent the last year warning that when the market does finally go down, it's going to 'make your head spin.'