Cooperman: $400,000 a year is not a rich man in the United States

Billionaire investor Leon Cooperman said Thursday he doesn't think people with $400,000 a year are wealthy. That threshold was proposed by U.S. President Joe Biden and House Democrats in their plans to raise taxes on wealthy families.

Cooperman said: "I think the rich should pay more taxes. The whole country revolves around the question that we have to address: What should be the top tax rate for the rich? ”

Cooperman, 78, said the remarks about the wealth tax were "nonsense."

"We don't need new forms of taxation, we want to address loopholes," he said. He noted that some regulations, including carried interest management, allow some private equity managers and venture capitalists to pay lower taxes on one of their primary forms of compensation.

"I think it's becoming increasingly clear now that ordinary people are not at odds with progressives," Cooperman said. ”

According to the Bloomberg Billionaires Index, Cooperman is worth $2.5 billion, though he has said the number is too low but has not elaborated. The billionaire stopped managing client money in 2018 and turned his Omega Advisors into a family office. Omega's annualized return since its inception was 12.4%, a record high.

This article originated from the Financial Circle Network