JPMorgan CEO Jamie Dimon approves of raising taxes on the wealthy and says it won’t slow economic growth

Jeenah Moon/Reuters

  • Jamie Dimon told CNBC on Wednesday he’s not against higher taxes on the wealthy, and that it would not slow down economic growth. 
  • The JPMorgan CEO said there should be “far more” thought about taxation if the US wants an active, healthy, growing economy. 
  • “And I remind people, the world, when you slow down the economy, you are hurting the disadvantaged more than anybody else,” Dimon added.
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Jamie Dimon told CNBC on Wednesday he’s not against higher taxes on the wealthy and that it wouldn’t slow economic growth.

“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 CEO said.

He added that there should be “far more” thought about taxation if people want to plan an active, healthy, growing economy. Taxing the income of the wealthy as opposed to implementing a wealth tax is preferable, he said.

“I’m not against having higher tax on the wealthy,” he said. “But I think that you do that through their income as opposed to, you know, calculate wealth which becomes extremely complicated, legalistic, bureaucratic, regulatory, and people find a million ways around it. I would just tax income.”

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Dimon also said that who wins the presidential election will not affect the economy within the next year. President Trump’s administration did “some very good things” for the economy including tax reform and regulatory reform, he said. Democrats “spend more money” and that’s “usually good for [the] economy, at least in the short run.” 

The CEO said that governments should spend more time trying to address how they are going to achieve a healthy and growing economy and not “confuse that with politics.” 

“And I remind people, the world, when you slow down the economy, you are hurting the disadvantaged more than anybody else,” Dimon added.

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