Sen. Elizabeth Warren was unfazed by billionaire investor Leon Cooperman’s objection to her latest ad promoting her proposed wealth tax in which the 2020 Democratic candidate ridiculed Cooperman’s and other wealthy public figures’ disapproval of the plan.
In a CNBC interview Wednesday, Cooperman called Warren “disgraceful” and accused the Massachusetts Democrat of trying to “demonize wealthy people because there are more poor people than wealthy people.”
Warren’s campaign team offered a succinct response on Twitter:
Warren struck a similarly sarcastic tone when she posted the ad on Twitter earlier in the day.
“Some billionaires don’t like my Two-Cent Wealth Tax? I’m shocked,” the Massachusetts Democrat wrote.
Watch the ad:
The video features several corporate CEOs, investors, and powerful political donors who have taken pains in recent weeks to paint Warren’s plan as unjust. Under the senator’s proposal, households with over $50 million in assets would pay an annual 2% tax on every dollar above $50 million—a tax Warren says would pay for universal childcare, universal pre-K, student debt cancellation, and other programs.
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As Goldman Sachs chairman Lloyd Blankfein says in the ad, “She probably thinks more of cataclysmic change to the economic system as opposed to tinkering”—a statement Warren has made clear she would agree with, with her calls for “big structural change” throughout her campaign.
In the video, Warren accompanies comments from Blankfein, investor Leon Cooperman, and other billionaires with on-screen text showing some of their notable financial activities. Cooperman was “charged with insider trading,” while Blankfein “earned $70 million during the financial crash.”
The senator also explains the reasoning behind the tax in the video.
“Here’s the deal: you hold a great fortune, good for you,” she is seen telling an audience at a rally. “I guarantee you built it at least in part using workers all of us helped pay to educate, getting to your goods to market on roads all of us helped pay to build.”
“We’re Americans—we want to make these investments,” she adds. “All we’re saying is when you make it big, pitch in two cents so everybody else gets a chance, too.”
Also on Wednesday, Warren introduced a new addition to the merchandise available on her campaign website: A mug labeled “Billionaire Tears.”
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