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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."

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Democratic presidential nominee Joe BidenJoe BidenBiden: Trump 'continues to lie to us' about coronavirus Rally crowd chants 'lock him up' as Trump calls Biden family 'a criminal enterprise' Undecided voters in Arizona wary of Trump, crave stability MORE has not called for a wealth tax, but several progressive candidates did so during the Democratic primary, including Sens. Elizabeth WarrenElizabeth WarrenPush to expand Supreme Court faces Democratic buzzsaw Georgia senator mocks Harris's name before Trump rally: 'Kamala-mala-mala, I don't know' Warren, Porter to headline progressive fundraiser supporting seven swing state candidates MORE (D-Mass.) and Bernie SandersBernie SandersPush to expand Supreme Court faces Democratic buzzsaw Senate Democrats seek to alleviate public concern about some results not being available on election night Georgia senator mocks Harris's name before Trump rally: 'Kamala-mala-mala, I don't know' 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 John TrumpPolice say man dangling off Trump Tower Chicago demanding to speak with Trump Fauci says he was 'absolutely not' surprised Trump got coronavirus after Rose Garden event Biden: Trump 'continues to lie to us' about coronavirus 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.