Finance

Billionaire investor Leon Cooperman took aim at what an Elizabeth Warren presidency would mean for the stock market, on Wednesday. 

“If Elizabeth Warren is elected president, in my opinion, the market drops 25%,” Cooperman told CNBC’s “Squawk Box.” “Bernie Sanders, same thing.”

Presidential hopeful and Massachusetts senator Warren has risen in the polls in a crowded Democratic field. Specifically, Warren’s wealth tax has quickly become a rallying force of her campaign. The wealth tax proposal calls for an annual 2% tax on wealth over $50 million and 3% on wealth over $1 billion. Taxpayers would be expected to estimate the current value of everything from cars to real estate to art, private equity portfolios and private businesses.

But hedge fund titan Cooperman takes issue with Warren’s “war on billionaires.” 

“I believe in a progressive income tax structure, I believe rich people should pay more, I have no problem with that. This wealth tax is baloney,” said Cooperman. 

The CEO of Omega Advisors called on former British Prime Minster Winston Churchill’s saying “you don’t make poor people rich by making rich people poor.” “The main vice of capitalism is the unequal distribution of prosperity, the main vice of socialism is the equal distribution of misery,” quoted Cooperman. 

Warren said Tuesday night at the fourth presidential debate that she doesn’t have a “beef with billionaires.” She said, but if you make it to the top, you need to pitch in to help other children reach the same opportunity. 

“Education and faster economic growth is the answer,” to the country’s inequality problem, said Cooperman. “At the end of the day, capitalism is what distinguishes America.” 

Cooperman has previously addressed a Warren presidency. ”There’s unquestionably a shift to the left in this country,” Cooperman said last month. “They won’t open the stock market if Elizabeth Warren is the next president,” he joked. 

Warren’s office could not be immediately reached for comment. 

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