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Billionaire Leon Cooperman confirms the wealth-tax implementation problem: rich people will hide assets

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Billionaire Leon Cooperman told CNBC’s Squawk Box that Sen. Elizabeth Warren’s proposed wealth tax has “no merit” and is “foolish.” He also revealed the real attitude among the wealthy and why critics say such a tax has implementation problems: the 1% would hide their assets.

Sen. Warren and several progressives introduced the Ultra-Millionaire Tax Act on Monday, which would enact a 2% annual tax on households with net worths between $50 million and $1 billion, and a 3% tax on households with a net worth over $1 billion.

“If the wealth tax passes, go out details ⇒

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