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Hedge fund billionaire Cooperman fears country will move big 'to the left' if Trump, GOP fail
Leon Cooperman , chairman and CEO of Omega Advisors, weighed in on President Trump and his efforts with the Republican leaders in Congress to pass tax reform after failing to replace 'Obamacare.' "The Republicans can't go into midterms 0-for-2...this country is going to move to the left, " he said on CNBC's " Halftime Report " Tuesday. But Cooperman doesn't think failure to pass tax reform will significantly hurt the stock market."I don't think we would tank unless the economy got derailed," he said.Trump and Republican leaders have been hard at work on tax reform, one of the president's most popular campaign promises. Wall Street debate continues to hinge on whether or not equity price have tax cuts "baked in" preemptively. Many suspect a potential pullback if reform does not pass.The GOP's proposed plan would double the standard deduction used by most Americans, shrink the number of tax brackets from seven to three or four, and repeal inheritance taxes on multimillion-dollar estates. The party is under pressure from constituents after failing to pass significant health care reform earlier in the year.Cooperman, who said he had been called to the Oval Office by Trump during his first year in office, also worried that the president's comments could be preventing national unity."As a business person, I'd say his behavior ought to be somewhat different and we're going to pay a price if it isn't different in the midterm elections," said Cooperman. "I don't think it's healthy, and I'd rather him Tweet less and try to unify. We need a president that unifies.""I'm not here to tell President Trump how to deport himself. I listen to what he says and he's obviously appealing to his base."Cooperman, a billionaire, founded Omega Advisors in 1991. The firm has approximately $3.7 billion in assets under management, according to its website.This is a developing story. Check back for updates. Leon Cooperman , chairman and CEO of Omega Advisors, weighed in on President Trump and his efforts with the Republican leaders in Congress to pass tax reform after failing to replace 'Obamacare.' "The Republicans can't go into midterms 0-for-2...this country is going to move to the left, " he said on CNBC's " Halftime Report " Tuesday. But Cooperman doesn't think failure to pass tax reform will significantly hurt the stock market. "I don't think we would tank unless the economy got derailed," he said. Trump and Republican leaders have been hard at work on tax reform, one of the president's most popular campaign promises. Wall Street debate continues to hinge on whether or not equity price have tax cuts "baked in" preemptively. Many suspect a potential pullback if reform does not pass. The GOP's proposed plan would double the standard deduction used by most Americans, shrink the number of tax brackets from seven to three or four, and repeal inheritance taxes on multimillion-dollar estates. The party is under pressure from constituents after failing to pass significant health care reform earlier in the year. Cooperman, who said he had been called to the Oval Office by Trump during his first year in office, also worried that the president's comments could be preventing national unity. "As a business person, I'd say his behavior ought to be somewhat different and we're going to pay a price if it isn't different in the midterm elections," said Cooperman. "I don't think it's healthy, and I'd rather him Tweet less and try to unify. We need a president that unifies." "I'm not here to tell President Trump how to deport himself. I listen to what he says and he's obviously appealing to his base." Cooperman, a billionaire, founded Omega Advisors in 1991. The firm has approximately $3.7 billion in assets under management, according to its website. This is a developing story. Check back for updates.
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