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Warren vs. billionaires: wealth tax fight heats up

11/14/2019 | 04:45pm EST

COMMERCIAL UPSOUND:

"It is time for a wealth tax in America. I've heard that there are some billionaires who don't support this plan."

The knifes are out in what has become a high-profile, big money political fight pitting Democratic presidential hopeful Elizabeth Warren against some of America's billionaires - some of which are Democratic donors.

COMMERCIAL UPSOUND:

"All we are saying is that when you make it big pitch in two cents so everyone else gets a chance to make it."

But her pitch doesn't stop there. Her new commercial goes after a number of billionaires by name for opposing her wealth tax.....

including former Goldman Sachs CEO Lloyd Blankfein...whom she criticizes for taking home $70 million during the financial crisis.

Blankfein responded Thursday in a tweet that he was surprised to be featured in the ad, since he's not one of of her fiercest critics, adding she's "not my candidate, but we align on many issues. Vilification of people as a member of a group may be good for her campaign, not the country. Maybe tribalism is just in her DNA."

That's PG-rated compared to Leon Cooperman, the chairman and CEO of Omega Advisors, who has used expletives in his feud with Warren over her wealth tax. Even recently breaking down in tears. He's been on financial news channel CNBC almost daily warning the stock market will plunge at least 25 percent if it even looks like Warren is winning in the early caucus states. He describes Warren's "vilification of billionaires' as "bull."

Warren's wealth plan would hit the wealthiest 1 percent of Americans. She proposes a 2 percent tax on every dollar of a person's net worth over $50 million and additional 1 percent tax on every dollar in net worth over a billion dollars.

That has resonated with her base who are angry over the financial crisis and the income inequality that has grown since then.

But the number of rich against Warren have stacked up including Microsoft founder Bill Gates.

And economists are weighing in as well, noted Moody's Analytics chief economist Mark Zandi recently told Reuters - Warren's plan is not likely to bring in the revenue she thinks because billionaires most likely will use every resource they have to avoid paying the tax.


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. 0.73% 24.93 Delayed Quote.61.25%
BASE CO., LTD. 0.33% 6070 End-of-day quote.-1.30%
BASE,INC. 3.40% 13380 End-of-day quote.37.09%
DNA OYJ 0.00%End-of-day quote.-0.10%
EURO / US DOLLAR (EUR/USD) -0.01% 1.2169 Delayed Quote.-0.41%
MICROSOFT CORPORATION 0.44% 225.95 Delayed Quote.1.15%
THE GOLDMAN SACHS GROUP, INC. 0.01% 289.39 Delayed Quote.9.73%
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