Calculating wealth may be “extraordinarily difficult,” in line with JPMorgan Chase CEO Jamie Dimon, who says the wealthy ought to be taxed on their revenue which is “given” and tougher to cheat.
“A wealth tax is nearly unimaginable to do,” Dimon instructed CNBC-TV18 on the JPMorgan India summit on Tuesday when he was requested whether or not he’s in favor of such a proposal put forth by a number of US Democrats.
“I’m not in opposition to having increased tax on the rich. However I believe that you just try this by way of their revenue versus, you understand, calculate wealth which turns into extraordinarily difficult, legalistic, bureaucratic, regulatory, and other people discover 1,000,000 methods round it. I’d simply tax revenue,” he mentioned.
Dimon, 64, who has a reported internet value of $ 1.three billion and makes $ 31.5 million per yr, says he has “no downside” paying increased taxes on his wage, so long as the federal government spends that cash correctly.
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In accordance with the chief govt, governments ought to put extra thought into how taxes are structured in order that the economic system can develop. “There’re taxes which is able to decelerate progress, like taxes on capital formation, or labor; and there’re taxes which is not going to have an effect on progress like taxes on, you understand, well-to-do individuals like me.”
READ MORE: Jamie Dimon’s ‘inclusive economic system’ is idiot’s gold as wealth inequality hits new highs
The billionaire banker added: “And I simply assume there ought to be much more thought of taxation… if you would like an energetic, wholesome, rising economic system.”
A examine printed final yr by the Group for Financial Co-operation and Improvement discovered that the US misplaced extra tax income than another developed nation in 2018, largely as a result of US President Donald Trump’s tax cuts.
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