In a hearing in the next week, Sen. Elizabeth Warren wants her one of the biggest critics to face the lawmakers. Warren has now turned out a most progressive Democrat who from Massachusetts has invited billionaire investor Leon Cooperman for testifying before the Senate Finance subcommittee’s hearing.
In a letter to Cooperman, Warren mentioned invited the financer to attend the gearing which is organized and led by the Finance Committee’s Fiscal Responsibility and Economic Growth subcommittee which she chairs. This is set for 27th April which is titles creating opportunity through a Fairer Tax System.
Even Warren also mentioned in the letter that she is interested in giving the longtime Wall Street executive “an opportunity to discuss my Ultra-Millionaire Tax Act, which would level the economic playing field and narrow the racial wealth gap by asking the wealthiest 100,000 households in America, or the top 0.05%, to pay their fair share.”
However, a rivalry between Warren and Copperman has exploded at the time of the Democrat’s campaign for president. As soon as she proposed a wealth tax during the primary Cooperman has blasted her proposal in a letter to the lawmaker.
He even mentioned, “However much it resonates with your base, your vilification of the rich is misguided, ignoring, among other things, the sources of their wealth and the substantial contributions to society which they already, unprompted by you, make.”
Soon Copperman will be turning 78 in two days before the hearing. It is one of the most outspoken members of the investor community. This often speaks about his rags-to-riches story that growing up in the South Bronx as the child of working-class Polish immigrants by attending public schools and started his first Wall Street job with Goldman Sachs that is in debt and with Zero net worth.
Almost over two decades with Goldman, Copperman has founded the hedge fund Omega Advisors in 1991. He is currently the CEO of the Omega Family Office. In the last year, he signed the Giving Pledge, which is a commitment by rich people for denoting a majority of their wealth to charity.
In the letter which Warren sent on Monday, Warren addressed Cooperman encourages him in discussing his concerns in front of her committee and also those who are watching from the home.
She wrote to Cooperman, “But as we move expeditiously toward consideration of changes to our rigged tax code so that the wealthy pay their fair share, I believe you should be afforded the chance to present your perspective directly to Congress. The opportunity will allow you to fully air your views, not merely in front of the financial news audience where you often express them, but before the entirety of the American people.”
However, Warren and other Democratic lawmakers have also pitched a 3% total annual tax on wealth exceeding $1 billion. Cooperman’s net worth is at $2.5 billion as per Forbes. Warren requests that the Cooperman confirmed his attendance by Thursday.