Read billionaire Leon Cooperman’s scathing letter to Elizabeth Warren that calls her economic policies 'misguided.'
While I am not a Twitter user, several friends passed along to me your October tweet in which, after correctly observing that my financial success can be attributed, in no small measure, to the many opportunities which this great country has afforded me, you proceeded to admonish me to "pitch in a bit more so everyone else has a chance at the American dream, too.
However much it resonates with your base, your vilification of the rich is misguided ignoring, among other things, the sources of their wealth and the substantial contributions to society which they already; unprompted by you, make, Typically, unless born to money or married into it, people become rich by providing a product or service that others want and are willing to pay for.
The list goes on of self-made billionaires — Bill Gates , Michael Dell , Mark Zuckerberg and Larry Ellison , among others — who have built huge businesses from the ground up, providing jobs and economic opportunity to hundreds Of thousands of taxpaying workers, and voluntarily gift every year, in the aggregate, billions of dollars back to the society that nurtured their success. Their stories, and many more like them, are the very embodiment of the American Dream.
In sum, Saez and Zueman's economic model appears to be based on highly dubious assumptions and tailored to promote a specific their conclusions are far less definitive and unequivocal than they maintain. The top 50% of taxpayers paid 97% of all individual federal income taxes; the bottom 50% paid the remaining 3%.
Ata recent conference sponsored by the Peterson Institute for International Economics; Saez and Zucman debated their advocacy of:a wealth tax with Harvard economists Lawrence Summers and Gregory Mankiw .
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