JPMorgan CEO Dimon: I'll pay more in individual taxes

WASHINGTON Wed Oct 10, 2012 5:52pm EDT

WASHINGTON (Reuters) - The chief executive of JPMorgan Chase & Co, Jamie Dimon, waded into the U.S. fiscal debate on Wednesday when he said he was willing to pay a higher individual tax rate while calling for lower corporate taxes so U.S. business can compete in a global economy.

"I don't mind paying 39.6 percent in taxes," Dimon said in an interview in Washington at the Council on Foreign Relations, backing the Democrats' position. He added he might back an increase in the capital gains tax rate to 20 percent, another proposal by President Barack Obama.

Republicans want to extend low rates that expire on December 31 for all income groups, while Obama and Democrats want to extend the lower rates only for households earning up to $250,000.

Dimon is one of several CEOs lobbying lawmakers to create more certainty around tax and budget issues, as the United States faces a "fiscal cliff" of $600 billion in tax hikes and spending cuts should Congress fail to act by the end of the year.

(Reporting By Kim Dixon; Editing by Sandra Maler)

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Comments (2)
usagadfly wrote:
About time one of our Wall Street elite stepped up. Good for him!

Sometimes the country needs to come first. And not just for the dead men in Arlington cemetery. Some of the elite are just tourists rather than a part of the people. It is time to make such a distinction. Tourists should not be permitted to participate in our politics. They come and they go, and most of us never benefit from their presence either. Who cares what they think? Let them move to El Salvador.

Oct 10, 2012 6:12pm EDT  --  Report as abuse
GA_Chris wrote:
Although i think he runs a bank that has committed immoral acts, i do think he deserves a lot of credit for speaking out in a way that will gain him few friends at the country club.

However, he underlined one of the key points missing from current political discourse: CERTAINTY.
It’s not the nominal tax rate that deters investment, it’s the volatility in the rate that prevents accurate planning, and drives overly conservative investment.

Why not fix all tax rates 3 years in advance… no one can change a thing immediately. Even if the rates were higher, you’d see investment pick up as returns could be accurately calculated

Oct 10, 2012 8:28pm EDT  --  Report as abuse
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