J.P. Morgan Chase CEO Jamie Dimon
SINGAPORE — 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