Jamie Dimon says it would help the economy if he and his fellow billionaires paid more taxes — but he claims a wealth tax wouldn’t work.
“There are taxes which will slow down growth, like taxes on capital formation or labor, and there are taxes which will not affect growth, like taxes on, you know, well-to-do people like me,” the JPMorgan chief told CNBC on Wednesday,
But while Dimon, with a net worth of $1.3 billion, thinks the wealthier can and should pay more, he is against a wealth tax, which has been proposed by Democratic politicians including US Sen. Elizabeth Warren.
“I’m not against having higher tax on the wealthy,” Dimon said. “But I think that you do that through their income as opposed to, you know, calculate wealth, which becomes extremely complicated … and people find a million ways around it. I would just tax income.”
The 64-year-old Dimon, who is never shy with political opinions, also predicted that the presidential election will not have an immediate impact on the economy as more fiscal spending by Democrats would do enough in the short-run to make up for any potential rollback of Trump tax cuts.
Dimon, however, also said tax cuts and relaxed regulation have helped free up the private sector.
“I remind people, the world, when you slow down the economy, you are hurting the disadvantaged more than anybody else,” Dimon said.
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