JPMorgan chief: Trump business council focusing on tax reform

JPMorgan chief: Trump business council focusing on tax reform
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JPMorgan Chase CEO Jamie Dimon, who will chair a business panel advising President-elect Donald TrumpDonald TrumpCheney challenger wins Wyoming Republican activists' straw poll We must do more to protect American Jews 6 in 10 say they would back someone other than Biden in 2024: Fox News poll MORE, said that the group will emphasize corporate tax reform for economic growth.

Dimon will lead a team of American CEOs on Trump’s Business Roundtable, advising him on pro-growth economic issues.

He told Bloomberg Businessweek in an interview published Thursday that the panel is “talking very specifically about the need for corporate tax reform.”

Republicans and some business-friendly Democrats have long sought changes to the U.S. corporate tax rate. They argue it hinders businesses that comply with the laws and encourages others to keep their profits overseas, depriving the U.S. of much-needed revenue.

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Dimon, a supporter of President Obama who has criticized business-skeptical Democrats, said the U.S. needs to reform its tax code to bring money home.

“We are driving capital overseas every single day,” said Dimon. “Our tax rate is so much higher than the rest of the world and the rest of the world’s been coming down in order to stay level." 

“They’re reinvesting it overseas. They’re buying companies overseas. And some of that’s permanent. It’s not coming back,” said Dimon.

Dimon also expressed support for raising local minimum wages to stimulate the economy instead of broad state or federal increases.

“California and New York City can afford $15, but upstate New York can’t,” said Dimon. “I would not be in favor of the federal government doing it and imposing real hardships.

“But the other thing is, if your business can afford it, raise it. Share the wealth a little bit, OK?” said Dimon.

Dimon was an early rumored candidate to be Trump’s Treasury secretary. He denied interest in the job before Trump selected former Goldman Sachs partner Steven Mnuchin. But Dimon later told Bloomberg he’d consider the job in the future.

“I would never not take a call from the president of the United States of America and would listen to what he has to say and consider what he has to say. Again, I don’t think I’m suited for it,” said Dimon of the Treasury spot. 

“Now, if you somehow convinced me I’m the only one who could do something like that, I would consider it a patriotic duty. I doubt that’s ever gonna be the case,” he said.