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JPMorgan's Jamie Dimon: Higher taxes on the rich are okay, but wealth tax is ‘almost impossible’

10 578 views | 23 Sep. 2020

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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Juan Ok

How about that $1billion fine

LH Prod.

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.

Alexander Damjanovich

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.

manaohar samtani

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.

EshmunVideoChannel

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.

Andro dibox

If he wants to pay higher taxes he can send a check directly to the Treasury like everyone else. Can we get a chart of how much more in donations have been made to the Treasury over the last few years so we can see people putting their money where their mouth is

Rob M

Wealth taxes don't work. Beaurocratic nightmare. There's a reason most countries that have tried them repealed them.

Tom Wilkins

No mention of the billion dollar fine for market rigging? Why exactly would you fail to address that minor little detail in the interview?

Juan Marco

Is this crook still there? Biggest fines for criminality in the history of the world. Nice job in staying out of the hands of the law Dimon. Write a book?

M McRay

tax law is wealthy people's game, we 9-5 grunts have no chance

netstarr77

#nationalizebigbanks that's the only way we can take back the trillions these fedsters have stolen from the public taxpayers.

Jorge Gomez

He has no problem paying taxes, that FED will print them the money. % of brrrr is still brrrr

Bill Hight

Change the tax laws that takes away all those tax breaks for the wealthy while shafting the less fortunate.

Simon Montgomery

Hey Jamie, of you ever want to see Common Capitalism at work in a new captial exchange structure, hit up Ken A. Wong from JPM SG.

DJY

I trust Trump more than you buddy. Go sit in the truck, we'll handle this ?

Felipe Behrens

Would say we could compromise. No corporate tax, but all capital gains is taxed as ordinary income, plus the full payroll tax (including the portions that would be paid by the employer.) also, no preferred long term capital gains rate.

Corneles Mokodompit

Asking informasi is you jp Morgan asnking now tim is you asnking now ofer is you adesten you papulason wrong polejay hoax palsu fakta asnking now tim is you adesten

George Kubantsev

take tax on cash flows, obviously all businessmen have 0 net income, why would a person who wants to grow and reinvest take a lot out of their business. If cash flows are taxed, all business will grow a little slower, but the budget will finally get some money.

Corkfish1

Wealth tax is a ridiculous notion. Anyone with a tax/accounting background understands that. People would be better served paying more attention to managing their own lives instead of getting angry about how other people are living theirs.

Shawn

The scam is that no billionaire became rich off income it’s wealth mostly through untaxed stock holding gains. They always talk income tax bc the middle class pays income taxes. The rich don’t pay a significant amount.

Corneles Mokodompit

Asking informasi is you jp Morgan asnking now tim is you asnking live asnking now tim is you adesten asnking now ofer is you adesten you papulason wrong polejay hoax palsu fakta asnking informasi is you adesten

TheM0joDoj0

A wealth tax is a logistical nightmare. Even on the democratic trail it was rejected. A VAT tax accomplishes collecting more money with less effort.

Brady Lambert

There won't be a wealth tax. #DonTheCon

Sergio Bowers

Is this the same guy who said Bitcoin was a fraud? LOL.

I bet Jamie Dimon owns Bitcoin now, what a fraudster himself, especially since the newly leaked documents involved JP Morgan, how is that not racketeering, its considered RICO for most citizens or companies.

justARandomFishGuy

I am confused with some of the dem proposals. If you want to tax more from the rich, just hike the top bracket rates of the federal income tax. Doing so taxpayers avoid paying for much higher cost of changing the system to other proposals because you are utilizing the current system. I dont like some dems when they thought some proposals are fancy and cool but actually incur much much higher cost when actually doing it, it seems they lack cost and benefit analysis of the system changes.

Aarav Jalan

A wealth tax is the most ridiculous idea ever. How can intangible assets like stocks be taxed? It will just lead to the government owning the stock market and the end of free market capitalism as we know it or a stock market crash caused by the rich having to liquidate 10-20 % of their portfolio.

Gene Seiler

For a wealth tax to work, I would guess the wealthy would have to submit an annual financial statement, much as they now submit 1040s. It would be very easy to hide assets, chief among them, off shore locations.

kinanee priscilia

it's good, Vividlogs . com got me 21,000 dollar through their hacks

John C

Higher income tax doesn’t even affect people who technically don’t earn incomes, but I do agree that a wealth tax is impossible. Maybe the US could do a system like China’s where any appreciating asset you own is counter balanced by an expiration date. Your stocks, house, land etc are all just rented and they eventually expire and you pay a continual fee at the market price. A house that has appreciated 200% over 20 years will become worthless and a market price 50% tax will be charged for the owner to continue their ownership for another 20 years.

Mark Wahl

Well he is the head of a major bank. And banks make money based on AUM. And AUM would go down with a wealth tax.
Bias with a smile!

Frank N

The wealthy have what we call "creative accountants" to get around paying the taxes in many many ways.

Peter Cheng

Jamie: Don't touch my net worth, but touch my income, because I am retiring.

Banana Republic

Dimon is an advocate of the ultra rich.

Jamie dimon jp morgan

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JPMorgan Chase CEO Jamie Dimon Weighs In On How To Help The Economy | TODAY

4 956 views | 11 Aug. 2020

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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About: TODAY brings you the latest headlines and expert tips on money, health and parenting. We wake up every morning to give you and your family all you need to start your day. If it matters to you, it matters to us. We are in the people business. Subscribe to our channel for exclusive TODAY archival footage & our original web series.

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#JamieDimon #Economy #TodayShow

JPMorgan Chase CEO Jamie Dimon Weighs In On How To Help The Economy | TODAY

T A

Federal School Loan Forgiveness would make a big difference.

manny mo

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?

Technology and Innovation

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

Hilson Silva

Good night

BobUrbanVideo

HOW?... RE-ELECT TRUMP!
https://www.youtube.com/watch?v=0CQxYNX4Ixk
NO Cryptkeeper Joe!

Scott Graham

did you see this clown with Kattie Porter? Jamie Dimon ....guy sucks

JasonBake187

#silversqueeze this criminal!

Ben Yamin

What's about more loans with minimal interest rates, and the difference get paid by big brother s companies,

Jamie dimon jp morgan

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JPMorgan Chase CEO Apologizes for 'Mistake'

21 184 views | 14 Jun. 2012

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/

Alyasha Melendez-Morel

There are some businesses that do NOT deserve to be bailed out EVER!

Ilya Tovsky

I love the internet because everyone's actions will forever be recorded and expose their true selves in the future!

LuAnn Marie

I want my home back

Jord A.

Jp Morgan Chase.
Largest banking firm in America.
Also largest recipient of taxpayer backed govt loans during 08 failure.

M D

Master Spiel

AlexanderMccarthey87

Why don't you see a therapist? I'm telling you I know mental illness when I see it, I know psychoses when I see them and you will have nothing to lose if you'd just get a check up. Prove me wrong. It'll get a lot more people to listen.

lencycler1

I have to laugh when the government accuses wall street and the private sector of being corrupt. OMFG who is more corrupt than the government....especially this one. And you libs fall for this bullshit every time.

AlexanderMccarthey87

What they don't say is when he came up against the committee they treated him like a celebrity asking him questions about how we can deal with societies ills. He owns them. Look at the face of your next government. This is just sick.

Davamp666

they cause the problem, and present the solution. either way they win

Ray S

I stopped banking altogether. I use pre paid cards from wal mart

1WOKE World

And 7 years later, Jamie is very sorry. Rigged precious metals markets and not only steals from us, but will then turn around and ask for a bail out. You have no shame Jamie.

Seneca Brown

How JPMorgan Chase Helped Wreck the Economy, https://www.youtube.com/watch?v=KQISNV4T7QA&t=1s


"I'd like to see Jamie Dimon resign from his position as a Class A Director of the New York Federal Reserve Bank." — Elizabeth Warren on CEO Jamie Dimon of JPMorgan Chase and its role in the 2008 global economic collapse where millions of Americans lost their homes and savings: , https://youtu.be/PC7PkXV7YRo?t=13


What caused the economic crisis of 2008? The global financial meltdown, at a cost of over $20 trillion, resulted in millions of people losing their homes and jobs. https://www.youtube.com/watch?v=FzrBurlJUNk

Jamie Dimon Says Another Recession Would Be Good for Business, Dec 17, 2018, -Jamie Dimon, the CEO of JP Morgan Chase (one of the big banks that crashed the economy 10 years ago, https://www.youtube.com/watch?v=Nouj8EVEhRI


Survey: The best and worst banks, Dec 17, 2014, https://www.youtube.com/watch?v=by1d-PCwh7s


Jamie Dimon, spare us your crocodile tears about inequality. If the CEO of JP Morgan Chase Bank really cared about American workers, he would put an end to corporate executives like him rigging the system, — Robert Reich, https://www.theguardian.com/commentisfree/2019/mar/26/jamie-dimon-crocodile-tears-inequality

Ian Nutter

It's amazing how much of a good light they portrayed this guy in. He's awful, yet they made him look like the good guy

Scott Payne

CHEW BACCA 2012! A Wookie never lies! You can’t go wrong with a Wookie! Wookie Wookie Woo! I’m voting for CHEW.... How bout you? REV 18