After scarfing up a whopping $12 billion public bailout for JPMorgan Chase, the financial institution’s CEO, Jamie Dimon, desires an itemized listing of expenditures the Biden administration has in thoughts for a company tax improve.
“Just throwing money … doesn’t work,” Dimon stated in a taped interview posted Thursday for the Investment Company Institute’s basic membership assembly. “We already waste tremendous sums of money,” he famous, referring to President Joe Biden’s infrastructure plan.
He was apparently not referring to the way in which banks threw taxpayer cash at a mass of dangerous mortgage mortgage losses that had triggered a worldwide monetary disaster and resulted in gigantic bailout in 2008.
As for tax hikes on the rich and firms, Dimon desires to know precisely how the cash will likely be spent. He stated he’s additionally involved Biden’s tax hike plans are a “little crazy.”
Biden plans to lift the company tax price from 21% to a spread of 25% to 28%. That’s after Donald Trump led the push to slash the corporate tax rate from 35% to 21%, serving to carve $2 trillion hole into the federal funds.
Dimon stated the state of affairs needs to be: “If you’re going to give me your money, I’m going to be a good steward of it, and here’s what I am going to accomplish and I am going to report back to you.”
He was speaking about lawmakers and the federal government, not banks.
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