Billionaire Leon Cooperman spoke out against wealth tax on CNBC

CNBC/Getty
He questioned the legality of the measure and echoed concerns over potential implementation.
"Go out and buy yourself some gold because people are going to rush to find ways of hiding their wealth," he said. 
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.

Related Keywords

New York ,United States ,American ,Janet Yellen ,Elizabeth Warren ,New York Times ,Billionaire Leon Cooperman ,Leon Cooperman ,Ultra Millionaire Tax Act ,Treasury Secretary Janet Yellen ,Economy ,Wealth Tax ,Wealth Taxes ,Elizabeth Warren Wealth Tax ,Policy ,Juliana Kaplan ,புதியது யார்க் ,ஒன்றுபட்டது மாநிலங்களில் ,அமெரிக்கன் ,எலிசபெத் வாரன் ,புதியது யார்க் முறை ,கோடீஸ்வரர் லியோன் கூப்பர்மேன் ,லியோன் கூப்பர்மேன் ,அல்ட்ரா மில்லியனர் வரி நாடகம் ,பொருளாதாரம் ,செல்வம் வரி ,எலிசபெத் வாரன் செல்வம் வரி ,பாலிஸீ ,ஜூலியானா கபிலன் ,