JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon has twice in this hearing before a congressional committee sharply criticized President Joe Biden’s proposed tax hikes, which are aimed at people making more than $400,000 and at corporations.
He has previously questioned them, but today said that that level of tax increases would be four times bigger than the GOP’s 2017 tax cuts and called that “a mistake.”
“The tax increase is actually four times what the tax decrease was from 2017,” he said. “You all know the phrase the devil is in the details, well the details here are all that matter, not the top line of 28%.”
His main warning is about global competitiveness. He warns of capital going overseas and other economic problems and says it would make his bank less competitive globally.
“If you want to have a healthy, growing, competitive America against the rest of the world, you need a global, competitive tax rate,” he said. “It would be detrimental to a lot of companies, it would push a lot of capital overseas.”
Dimon isn’t against all taxes. In yesterday’s Senate Banking hearing he said the U.S. should impose a carbon tax.
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This article was provided by Bloomberg News.