CNBC: Leon Cooperman says the coronavirus crisis will change capitalism forever and taxes have to go

[DHK]

Quite frankly, capitalism changed in 2008/09 with the bail-out packages to both Wall Street and the auto industries. My concerns will be with the NEXT pandemic - will we shut down the country with the FLU next??

“When the government is called upon to protect you on the downside, they have every right to regulate you on the upside,” Cooperman said. “So capitalism is changed.”

“Quickly if Biden wins, slowly if Trump wins, but taxes have to go up. So things like carried interest, capital gains taxes, the ability to roll over real estate sales tax-free, all that stuff is going to have to be eliminated. For the good, by the way,” Cooperman said.

https://www.cnbc.com/2020/04/23/leon-cooperman-says-the-coronavirus-crisis-will-change-capitalism-forever-and-taxes-have-to-go-up.html

 

[pfg1]

I think anyone with half a brain believes this to be true - even prior to coronavirus. We were already $23T in the hole. There is no other solution because we can stop spending on a regular basis. This issue is not related at all really to the unforeseen issues (ie: pandemic, wars, economic meltdown, etc), they just add to the problem.

I find the whole thing ironic, we as everyday people can't operate in the hole for very long before we lose everything. The gov't on the other hand....they make their own rules and just print more money and go deeper and deeper with no end in sight - and no consequences. SMH

 

[suranceman]

The carried interest and other things mentioned aren't even a drop in the bucket.

Spending has to go way down. I know taxes will go up but big spending cuts is the only way we can address a 23T debt.