Dimon: Wealth tax 'almost impossible to do'

Dimon: Wealth tax 'almost impossible to do'
© Greg Nash

JPMorgan Chase CEO Jamie Dimon said in a CNBC interview this week that he thinks a wealth tax would be very challenging to implement.

"A wealth tax is almost impossible to do," he said. "I'm not against having higher tax on the wealthy, but I think that you should do that through their income."

Dimon added that calculating taxpayers' wealth would be "extremely complicated," and he argued that people would "find a million ways around it."


Democratic presidential nominee Joe BidenJoe BidenTrump grants clemency to more than 100 people, including Bannon Scalise bringing Donna Brazile as guest to Biden inauguration Sidney Powell withdraws 'kraken' lawsuit in Georgia MORE has not called for a wealth tax, but several progressive candidates did so during the Democratic primary, including Sens. Elizabeth WarrenElizabeth WarrenBiden pick for Pentagon cruises through confirmation hearing Senate Democrats call on Biden to immediately invoke Defense Production Act Biden consumer bureau pick could take over agency on Inauguration Day MORE (D-Mass.) and Bernie SandersBernie SandersThe Memo: Trump leaves changed nation in his wake Cori Bush dismisses concerns of being 'co-opted' by establishment The Memo: Biden prepares for sea of challenges MORE (I-Vt.).

Biden has proposed raising taxes on the wealthy in other ways, such as by raising the top individual income tax rate from 37 percent to 39.6 percent — the rate in effect before President TrumpDonald TrumpLil Wayne gets 11th hour Trump pardon Trump grants clemency to more than 100 people, including Bannon Trump expected to pardon Bannon: reports MORE enacted his 2017 tax-cut law — and by increasing taxes on capital gains for people with income above $1 million. Biden has also called for raising the corporate tax rate from 21 percent to 28 percent.

Dimon said that he thinks the Trump administration "did some very good things around tax reform and regulatory reform."

He argued that some taxes, such as those on capital formation or labor, will slow economic growth, while others, like taxes on wealthy individuals, won't have an impact on economic growth.