It has been a summer of scrutiny for the ultra-rich—and now the billionaires are fighting amongst themselves.
The culprit: a so-called “Billionaire Income Tax” that Democrats in Congress are reportedly mulling to help finance Biden’s agenda. The proposal would only target several hundred of the wealthiest Americans by taxing the rising values of certain assets, like stocks, even before they are sold.
“I doubt it’s legal, and it’s stupid,” the billionaire investor Leon Cooperman complained to The Daily Beast. “What made America great was the people who started with nothing like me making a lot of money and giving it back. A relentless attack on wealthy people makes no sense.”