Billionaire investor Leon Cooperman told CNBC on Thursday the stock market could get hurt if a far-left candidate were to win the presidency in 2020.
"We have the best economy in the world. Capitalism works," Cooperman said in a knock against Sanders, who describes himself as a democratic socialist. The Vermont senator, a champion of progressives, is one of nearly two dozen candidates seeking the 2020 Democratic president nomination. He ran in 2016, but the party nomination went to Hillary Clinton.
As a platform, Sanders and some other Democratic presidential candidates, including Sen. Elizabeth Warren of Massachusetts, are looking to increase taxes on the wealthy to pay for expanded government social programs.
"All in all, I'm not in favor of raising taxes. Taxes are high enough," Cooperman said. "I think it's counterproductive to look to the wealthy people across the board."
However, Cooperman said he personally could afford to pay higher taxes. "I can live with a 50% tax rate."
Cooperman, whose Omega Advisors is now a family office, said he plans to give all his money away through the Giving Pledge, created by Bill Gates and Melinda Gates, and Warren Buffett. Cooperman said he gave his children their inheritance years ago.
While generally supportive of President Donald Trump's business friendly policies, Cooperman has been critical at times of the president for the way he conducts himself and communicates.