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The hedge-fund billionaire Leon Cooperman told CNBC on Wednesday that the stock market could tumble as much as 25% if Elizabeth Warren or Bernie Sanders won the 2020 presidential election.

The founder of Omega Advisors cited proposals from both candidates designed to tax wealthy individuals and billionaires.

"You don't make poor people rich by making rich people poor," Cooperman said.

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The billionaire hedge-fund manager Leon Cooperman is worried that a presidential-election victory for either Elizabeth Warren or Bernie Sanders could send the stock market tumbling into a full-fledged bear market.

"If Elizabeth Warren is elected president, in my opinion, the market drops 25%," Cooperman said on CNBC on Wednesday. "Bernie Sanders, same thing."

The famous founder of Omega Advisors singled out Warren's and Sanders' proposals for taxing wealthy individuals and billionaires. Citing a quote attributed to Winston Churchill, Cooperman argued that "you don't make poor people rich by making rich people poor."

"I believe in a progressive income-tax structure. I believe rich people should pay more; I have no problem with that. This wealth tax is baloney," Cooperman said.

"What is their problem with billionaires?" he added.

Both candidates have criticized billionaires and put forth policy plans for a wealth tax to raise funds for a variety of new government programs.

Warren's proposal includes a 2% tax on families with a net worth of $50 million to $1 billion and a 3% tax on households worth north of $3 billion. Sanders' plan has a scaling tax reaching as high as 8% for people worth more than $10 billion.

Cooperman also said the decade-long bull market had "one more leg left" and could rise by 10% over the next six months.

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