JPMorgan CEO Jamie Dimon is the latest to join the “wealth tax” discussion first kicked off by freshman Rep. Alexandria Ocasio-Cortez and later picked up by Sen. Elizabeth Warren and others, saying he would be happy to pay more in taxes but only if the government spends the money on the right things.
In a statement to CNBC, Dimon said “I believe that individuals earning the most can afford to pay more, and I have no problem paying higher taxes to address some of the fundamental challenges and inequities in our society.”
He added, “However, we need to ensure that our tax dollars are going where they can be most effective — like expanding the earned income tax credit and other programs that support the people and communities who really need it.”
The comments come amid a debate about whether the wealthiest Americans should shoulder higher taxes, a proposal supported by newly elected Rep. Alexandria Ocasio-Cortez of New York and established Sen. Elizabeth Warren of Massachusetts, both Democrats.
Dimon was just in Davos, Switzerland, at the World Economic Forum, a gathering of corporate chiefs, celebrities and policymakers. Ocasio-Cortez has proposed a 70 percent tax rate on earnings above $10 million, an idea that wasn’t embraced wholeheartedly by the billionaires and millionaires gathered at the annual meeting.
Warren, who recently announced her 2020 candidacy, has proposed a “wealth tax” on those with more than $50 million in assets, less than 0.1 percent of U.S. households.
In the statement on Wednesday, Dimon also told CNBC, “I’ve also argued for fair and competitive corporate taxes in the U.S. so that America will be the best place in the world to invest and create jobs.”