JPMorgan's Jamie Dimon: Higher taxes on the rich are okay, but wealth tax is ‘almost impossible’

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

“A wealth tax is almost impossible to do,” he told CNBC-TV18 at the J.P. Morgan India summit on Tuesday when he was asked whether he’s in favor of such a proposal put forth by several Democrats.

“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, suggesting that it’s harder to cheat on such a tax because income is “given.”

The wealthy in the U.S. have started preparing for tax increases that are likely to come in the coming years as government deficits at both state and federal levels rose due to the Covid-19 pandemic. Governments have increased spending to manage the health and economic crises, which at the same time caused their revenue to fall.

A study published last year by the Organisation for Economic Co-operation and Development found that the U.S. lost more tax revenue than any other developed country in 2018, largely due to U.S. President Donald Trump’s tax cuts.


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[dominicnocera]

Thank you, Mr. Dimin, for having the courage to say what’s necessary.

[tomwilkins]

No mention of the billion dollar fine for market rigging? Why exactly would you fail to address that minor little detail in the interview?

[manaoharsam]

Rather then tax the wealthy why not give them incentive to open more businesses, that will reduce unemployment. For example if they reinvest 10 percent of their current per yr upto 3 yrs, they wont get wealth tax. Investment should in production facilities like electric cars, construction equipment, infrastructure investment, healthcare medicine and equipment, aircraft building, etc.

[TheMjoDoj]

A wealth tax is a logistical nightmare. Even on the democratic trail it was rejected. A VAT tax accomplishes collecting more money with less effort.

[chiquita]

If he wants to pay higher taxes he can send a check directly to the Treasury like everyone else. Can we get a chart of how much more in donations have been made to the Treasury over the last few years so we can see people putting their money where their mouth is

[mmcray]

tax law is wealthy people's game, we 9-5 grunts have no chance

[behrensf]

Would say we could compromise. No corporate tax, but all capital gains is taxed as ordinary income, plus the full payroll tax (including the portions that would be paid by the employer.) also, no preferred long term capital gains rate.

[petecheng]

Jamie: Don't touch my net worth, but touch my income, because I am retiring.

[Corkfish]

Wealth tax is a ridiculous notion. Anyone with a tax/accounting background understands that. People would be better served paying more attention to managing their own lives instead of getting angry about how other people are living theirs.

[midlander]

Which are the "four or so" European countries that have a wealth tax?

If a Biden administration were serious about raising tax revenues, it would do it through the tried and true means of raising the income tax rates. A national sales tax, too, would likely work, but some might call such a tax regressive, making it more difficult to pass through Congress.

[sergiobowers]

Is this the same guy who said Bitcoin was a fraud? LOL.

I bet Jamie Dimon owns Bitcoin now, what a fraudster himself, especially since the newly leaked documents involved JP Morgan, how is that not racketeering, its considered RICO for most citizens or companies.

[jorgegomez]

He has no problem paying taxes, that FED will print them the money. % of brrrr is still brrrr

[justarandomfishguy]

I am confused with some of the dem proposals. If you want to tax more from the rich, just hike the top bracket rates of the federal income tax. Doing so taxpayers avoid paying for much higher cost of changing the system to other proposals because you are utilizing the current system. I dont like some dems when they thought some proposals are fancy and cool but actually incur much much higher cost when actually doing it, it seems they lack cost and benefit analysis of the system changes.

[bananarepublic]

Dimon is an advocate of the ultra rich.

[georgekubantsev]

take tax on cash flows, obviously all businessmen have 0 net income, why would a person who wants to grow and reinvest take a lot out of their business. If cash flows are taxed, all business will grow a little slower, but the budget will finally get some money.

[simonmontgomery]

Hey Jamie, of you ever want to see Common Capitalism at work in a new captial exchange structure, hit up Ken A. Wong from JPM SG.

[allstarmark]

Well he is the head of a major bank. And banks make money based on AUM. And AUM would go down with a wealth tax.
Bias with a smile!

[djy]

I trust Trump more than you buddy. Go sit in the truck, we'll handle this 👋

[juanmarco]

Is this crook still there? Biggest fines for criminality in the history of the world. Nice job in staying out of the hands of the law Dimon. Write a book?

[cornelesmokodompit]

Asking informasi is you jp Morgan asnking now tim is you asnking now ofer is you adesten you papulason wrong polejay hoax palsu fakta asnking now tim is you adesten