JPMorgan Chase CEO Jamie Dimon said in a CNBC interview this week that he thinks a wealth tax would be very challenging to implement.
“A wealth tax is almost impossible to do,” he said. “I’m not against having higher tax on the wealthy, but I think that you should do that through their income.”
Dimon added that calculating taxpayers’ wealth would be “extremely complicated,” and he argued that people would “find a million ways around it.”
Democratic presidential nominee Joe BidenJoe BidenOmar fires back at Trump over rally remarks: ‘This is my country’ Trump mocks Biden appearance, mask use ahead of first debate Trump attacks Omar for criticizing US: ‘How did you do where you came from?’ MORE has not called for a wealth tax, but several progressive candidates did so during the Democratic primary, including Sens. Elizabeth WarrenElizabeth WarrenHarris joins women’s voter mobilization event also featuring Pelosi, Gloria Steinem, Jane Fonda Judd Gregg: The Kamala threat — the Californiaization of America GOP set to release controversial Biden report MORE (D-Mass.) and Bernie SandersBernie SandersButtigieg stands in as Pence for Harris’s debate practice Bernie Sanders warns of ‘nightmare scenario’ if Trump refuses election results Harris joins women’s voter mobilization event also featuring Pelosi, Gloria Steinem, Jane Fonda MORE (I-Vt.).
Biden has proposed raising taxes on the wealthy in other ways, such as by raising the top individual income tax rate from 37 percent to 39.6 percent — the rate in effect before President TrumpDonald John TrumpOmar fires back at Trump over rally remarks: ‘This is my country’ Pelosi: Trump hurrying to fill SCOTUS seat so he can repeal ObamaCare Trump mocks Biden appearance, mask use ahead of first debate MORE enacted his 2017 tax-cut law — and by increasing taxes on capital gains for people with income above $1 million. Biden has also called for raising the corporate tax rate from 21 percent to 28 percent.
Dimon said that he thinks the Trump administration “did some very good things around tax reform and regulatory reform.”
He argued that some taxes, such as those on capital formation or labor, will slow economic growth, while others, like taxes on wealthy individuals, won’t have an impact on economic growth.