J.P. Morgan's chief said he had no issues paying higher taxes as long as tax dollars are spent effectively, especially on addressing inequities.
Jamie Dimon, chief executive of J.P. Morgan said on Wednesday that the ultra-rich could afford to pay more taxes amidst current discussions about increasing taxes for the wealthy.
«I believe that individuals earning the most can afford to pay more, and I have no problem paying higher taxes to address some of the fundamental challenges and inequities in our society,» said Dimon, who was quoted in «Reuters». Dimon, whose total compensation last year amounted to $31 million, wants tax dollars to be spent effectively.
Advocates Effective Use
«However, we need to ensure that our tax dollars are going where they can be most effective - like expanding the earned income tax credit and other programs that support the people and communities who really need it,» Dimon added.
The statements from the Wall Street Bank chief came as senior Democrats prepare to write a fiscal blueprint this year that would cut annual budget deficits and possibly include tax hikes on corporations and the wealthy.
Tax On Wealth
U.S. Representative Alexandria Ocasio-Cortez, part of a new crop of Democrats, has recommended taxes as high as 70 percent on taxable earnings above $10 million, a jump from the current 37 percent.
Massachusetts Senator Elizabeth Warren has proposed a tax on the accumulated wealth of the ultra-rich, through an annual payment of 2 percent of the value of net assets between $50 million and $1 billion and a 3 percent rate above that.
