Jamie Dimon has doubled down on his calls for the rich to pay more in income taxes. The JPMorgan CEO has long been a supporter of a more progressive taxation system, and his views have only been sharpened by the recent Trump tax breaks which favored the rich.
Dimon in the Rough: JPMorgan Chief Wants a Fairer America
In his annual letter to shareholders, the bank’s longstanding CEO reiterated his support for increasing taxes on the wealthy for the good of the country. Calling for an expansion of education and infrastructure budgets, Dimon argued that such a spending spree:
“… may very well mean taxing the wealthy more… If that happens, the wealthy should remember that if we improve our society and our economy, then they, in effect, are among the main winners.”
Trump Tax Cuts Cost $1.9 Trillion, Benefit Wealthy Most
The Trump administration’s regressive tax cuts came at an enormous price to the government’s purse strings, costing close to $2 trillion over ten years. According to the Tax Policy Center, the top quintile of American earners (those earning over $347,000 a year) benefited more than any other group of taxpayers.
Corporate tax rates were slashed from 35 to 21 percent.
Dimon says there are too many Americans struggling to make ends meet and unable to deal with unanticipated bills:
“Forty percent of American workers earn less than $15 an hour, and about 5% of full-time American workers earn the minimum wage or less, which is certainly not a living wage… In addition, 40% of Americans don’t have $400 to…