Tags: 2020 Elections | jamie | dimon | wealth | tax

Jamie Dimon: Wealth Tax Is 'Almost Impossible'

Jamie Dimon: Wealth Tax Is 'Almost Impossible'

By    |   Wednesday, 23 September 2020 09:26 AM

J.P. Morgan Chase’s Chief Executive Jamie Dimon said he’s not against higher taxes on the rich, but “a wealth tax is almost impossible to do.”

He explained to CNBC that calculating wealth can be “extremely complicated,” so the rich should be taxed on their income which is “given” and harder to cheat.

“I’m not against having higher tax on the wealthy. But I think that you do that through their income as opposed to, you know, calculate wealth which becomes extremely complicated, legalistic, bureaucratic, regulatory, and people find a million ways around it. I would just tax income,” he said.

Democratic presidential nominee Joe Biden had said that most of President Donald Trump’s multitrillion-dollar tax cuts  benefited the wealthy and corporations.

Biden has pledged to reverse some of those cuts, raising the marginal tax rate on the highest income earners back to 39.6%, from 37%, while also lifting investment profit taxes. He also supports raising the national minimum wage to $15 an hour from $7.25 and expanding some tax credits for lower-income workers, Reuters reported.

The president, a former real estate developer, has touted 2017 tax cuts he signed into law as stimulating economic growth.

Trump has attacked the idea of raising taxes while the economy recovers.

Dimon said Trump’s tax policies are among some of the “very good things” that he’s done for the U.S. economy. He explained that the U.S. has traditionally been a “red tape society” with a bureaucracy that “slows down a lot of business.”

“And I remind people, the world, when you slow down the economy, you are hurting the disadvantaged more than anybody else,” he said.

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J.P. Morgan Chase’s Chief Executive Jamie Dimon said he’s not against higher taxes on the rich, but “a wealth tax is almost impossible to do.”
jamie, dimon, wealth, tax
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2020-26-23
Wednesday, 23 September 2020 09:26 AM
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