Earned-Income Tax Credit
In an Op-Ed in the Wall Street Journal late Wednesday, Dimon said an expansion of the earned-income tax credit would help the U.S. adapt to globalization and technological change.
Converting the EITC into a payroll credit would get the benefit to more Americans in need, and calculating it automatically on behalf of recipients would help reduce fraud, Dimon said in the editorial.
“Supplementing workers’ wages is an investment, not a gift,” Dimon said. “It draws more people into the workforce and increases the likelihood they will remain employed.”
The U.S. also must reform education to improve Americans’ productivity and earning power, and change regulations to help former prison inmates re-enter the workforce, Dimon said.
This article was provided by Bloomberg News.