Joe Biden and his team are looking to make life better for millions with a new infrastructure package. Democrats, however, have to find a way to pay for it.
Oregon senator Ron Wyden recently proposed an income tax on the richest people in America. While it would only affect the 700 richest people in the country, it would raise billions.
Of course, those 700 people who would be affected aren’t taking it well. Billionaire Leon Cooperman wondered where the sympathy was for people like him.
“I think it’s all baloney,” Cooperman told Business Insider. “I don’t think it’s constitutional. It’s not going to happen. I believe in a progressive income tax structure, and that rich people should pay – and do pay – more in taxes. We, however, don’t need new forms of taxation. Get rid of the loopholes. It’s unbelievable.”
The financier continued, “There’s no sympathy for billionaires. But it makes no sense to me. Just raise the income tax, have a minimum tax, no problem with that. We don’t need wealth taxes.”
Indiana University Law professor David Gamage disagrees with the billionaire’s assessment. He told Business Insider, “This should be constitutionally safe. It’s clearly an income tax, not a wealth tax. I think this is quite safe, not a hundred percent perfectly beyond challenge, but quite safe constitutionally.”
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Todd Neikirk is a New Jersey-based politics and technology writer. His work has been featured in psfk.com, foxsports.com, and PoliticusUSA. An avid pet lover, he has been known to contribute to Pet Lifestyles Magazine. He enjoys sports, politics, technology, and spending time at the shore with his family.