Billionaire Defends Warren, Tells the Rich: ‘You’re Not Victims’

Peter Wade

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Michael Novogratz, billionaire and former Goldman Sachs partner, had some tough words for his fellow billionaires who fear Elizabeth Warren’s wealth tax.“You’re not victims, you’re the richest people in the world,” he said in an interview with Bloomberg. “How in God’s name do you feel like a victim?”

Novogratz, who is now investing in cryptocurrency as founder of Galaxy Investment Partners, spoke about the Democratic candidate’s plans to tax the rich to fund government programs such as universal child care and student debt forgiveness. Warren’s plan would try to even some of that out and would tax at two percent any person’s net worth above $50 million dollars. For those with a net worth over $1 billion, the tax rate goes up to three percent on everything above that threshold.

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Currently, the way our taxes are structured, the working class pays a higher tax rate than the richest Americans. And Americans are A-OK with taxing the rich, according to polling.

But, because of this proposal, Warren is not popular among the Wall Street elite, who see her plan as a threat to their way of life, and Novogratz confirmed that in his interview.

“Ninety-seven percent of the people I know in my world are really, really fearful of her,” he said. “They don’t like her, they’re worried about her, they think she’s anti-rich… It’s a little carried away.”

He added, “It’s insanity — insanity that they feel like victims: ‘They’re going to come and get us.’ No! You’re going to get taxed a little more. Lighten up!”

But, his defense of her aside, Warren doesn’t have Novogratz’s vote. He said he’s looking for a more “centrist” candidate like Pete Buttigieg. Of Warren, he said, “I’m hoping she pivots. She’s such a good politician. She’s so smart. She’s witty.”

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