J.P. Morgan Chase’s Chief
J.P. Morgan Chase’s Chief Executive Jamie Dimon said he’s not against higher taxes on the rich, but a wealth tax is not the way to do it. Peter Orszag, CEO of Lazard's Financial Advisory Business and former OMB director under President Obama, joins "Squawk Box" to discuss. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi
J.P. Morgan Chase’s Chief Executive Jamie Dimon said he’s not against higher taxes on the rich, but a wealth tax is not the way to do it.
“A wealth tax is almost impossible to do,” he told CNBC-TV18 at the J.P. Morgan India summit on Tuesday when he was asked whether he’s in favor of such a proposal put forth by several Democrats.
“I’m not against having higher tax on the wealthy. 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,” he said, suggesting that it’s harder to cheat on such a tax because income is “given.”
The wealthy in the U.S. have started preparing for tax increases that are likely to come in the coming years as government deficits at both state and federal levels rose due to the Covid-19 pandemic. Governments have increased spending to manage the health and economic crises, which at the same time caused their revenue to fall.
A study published last year by the Organisation for Economic Co-operation and Development found that the U.S. lost more tax revenue than any other developed country in 2018, largely due to U.S. President Donald Trump’s tax cuts.
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How about that $1billion fine
the only reason people have a problem with the tax rate for the rich is because they use loopholes in the tax law to avoid tax payment. If you have a mandatory rate that you have to pay, and there’s no way around it, people would be satisfied.
Which are the "four or so" European countries that have a wealth tax?
If a Biden administration were serious about raising tax revenues, it would do it through the tried and true means of raising the income tax rates. A national sales tax, too, would likely work, but some might call such a tax regressive, making it more difficult to pass through Congress.
Rather then tax the wealthy why not give them incentive to open more businesses , that will reduce unemployment. For example if they reinvest 10 percent of their current per yr upto 3 yrs, they wont get wealth tax. Investment should in production facilities like electric cars, construction equipment, infrastructure investment, healthcare medicine and equipment, aircraft building, etc.
Fear of the far left agenda. What about fear of the banks themselves. JP Morgan has pleaded guilty to 3 felony charges and is being investigated by the DOJ in connection with indictments against 6 of its traders who have been indicted for racketeering under the RICO Act for manipulating precious metals markets over years. Prosecutors in the case described it as a criminal enterprise. Then you have 71 major civil and criminal claims over the last two decades which have involved the payment of $38.8 billion in fines, restitutions and settlements. The you have $460 billion in tax payer bailouts. Multiply this across all the US banks and you should not be talking about taxing the rich, you should be talking about jailing some of the bankers. All the US problems stem from this cartel which is above the government and above the people despite having zero standing under the constitution and not being elected by the people. A plutocracy that serves the very few. There are four classes in American society, first come the bankers then come the capitalists, then come the shrinking middles class and finally all the poor who have fallen through the many many cracks in the system. You still have time to grow consciences and reform the Fed and the too big to fail banks. If you don't you are laying the foundations of your own demise.
With more than 30 million
With more than 30 million Americans unemployed amid the pandemic, a new program may offer much-needed help as large companies come together to create 100,000 jobs. JPMorgan Chase CEO Jamie Dimon acknowledges “we’re in a recession,” but adds, “we will win.” NBC senior business correspondent Stephanie Ruhle reports for TODAY.
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#JamieDimon #Economy #TodayShow
JPMorgan Chase CEO Jamie Dimon Weighs In On How To Help The Economy | TODAY
Federal School Loan Forgiveness would make a big difference.
Who will do the low skill jobs? Who will get the training for high skill jobs? 100.000 is a drop in the ocean, Why can't the FED give that trillions it created out of nothing to the people who want to start up a business instead they give it to the large business and banks?
If he was a doctor he will be giving blood transfusion on one arm and have two syringes hidden sucking blood out 2 times faster .... I am being nice
HOW?... RE-ELECT TRUMP!
NO Cryptkeeper Joe!
Jamie Dimon takes blame
Jamie Dimon takes blame for banking giant's costly missteps. For more, click here: http://abcnews.go.com/blogs/business/2012/06/jpmorgan-ceo-dimon-testifies-amid-bank-reform-debate/
There are some businesses that do NOT deserve to be bailed out EVER!
I love the internet because everyone's actions will forever be recorded and expose their true selves in the future!
I want my home back
Jp Morgan Chase.
Largest banking firm in America.
Also largest recipient of taxpayer backed govt loans during 08 failure.