Dimon Sharpens Criticism of Biden’s Tax Hike Proposal

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon sharply criticized U.S. President Joe Biden’s proposed tax hikes, which are aimed at people making more than $400,000 as well as corporations.

At a House Financial Services hearing on Thursday, Dimon said the planned increases are “a mistake” that would ship capital and brains overseas.

“The tax increase is actually four times what the tax decrease was from 2017,” he said. “You all know the phrase the devil is in the details, well the details here are all that matter, not the top line of 28%,” he said, referring to Biden’s proposed corporate tax rate.

Dimon Sharpens Criticism of Biden’s Tax Hike Proposal

The CEO had attacked Biden’s plan earlier this month. Dimon, 65, on Thursday said he’s worried about the ability of the U.S. firms to compete with those from other nations.

“If you want to have a healthy, growing, competitive America against the rest of the world, you need a global, competitive tax rate,” he said. “It would be detrimental to a lot of companies, it would push a lot of capital overseas.”

Dimon isn’t against all taxes. In Wednesday’s Senate Banking Committee hearing, he said the U.S. should impose a carbon tax.

Dimon separately at the hearing warned against brinkmanship over the debt limit, which will need to be raised later this year. A federal debt default, he warned, could cause a “cascading catastrophe of unbelievable proportion and damage America for 100 years.”

For more on Wall Street CEOs Testify Before U.S. House Committee, click here for our TOPLive blog.

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