Billionaire financier Leon Cooperman said that if Sen. Elizabeth Warren's longshot wealth tax somehow passes into law, the nation's wealthy would find ways to avoid paying it, including hiding their wealth, CNBC reported.

Warren's proposal would impose a 2 percent tax on the wealth of households and trusts valued at between $50 million and $1 billion; all net worth over $1 billion would be taxed at 3 percent under the bill. It is seen as unlikely to pass, even in a Democrat-controlled Senate, but even the suggestion of such a thing has made the billionaire investor uneasy.

Cooperman suggested that the wealthy would do things like buy gold to hide their assets from the government, exerting their considerable power and influence to avoid the law  because paying the tax would serve to chip away at their fortunes. The billionaire seemed unperturbed by this scenario, believing such a tax would be unconstitutional anyway.

Cooperman did say that he believes in the progressive income tax structure and that rich people should pay more. But he said that he believes in reforming the existing systems. For example, he favors eliminating the so-called carried-interest loophole, which benefits managers of hedge funds and private equity funds.

Warren, in a separate interview, said the majority of people would have nothing to fear from this law; an analysis found that only about 100,000 would be targeted by it, and, what's more, assets under $50,000 would be exempted anyway. Despite what Cooperman said, the senator said most people would rather be rich and pay 2 cents on their fortunes, though the billionaire seems to believe that any such tax on his assets would be an unacceptable intrusion.