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 BidenSchumer vows to advance two-pronged infrastructure plan next month Biden appoints veteran housing, banking regulator as acting FHFA chief Iran claims U.S. to lift all oil sanctions but State Department says 'nothing is agreed' MORE has not called for a wealth tax, but several progressive candidates did so during the Democratic primary, including Sens. Elizabeth WarrenElizabeth WarrenSchumer vows to advance two-pronged infrastructure plan next month Overnight Health Care: CDC panel meets on vaccines and heart inflammation | Health officials emphasize vaccine is safe | Judge rules Missouri doesn't have to implement Medicaid expansion Democrats urge Biden to extend moratorium on student loan payments MORE (D-Mass.) and Bernie SandersBernie SandersSenators say White House aides agreed to infrastructure 'framework' Briahna Joy Gray: Biden is keeping the filibuster to have 'a Joe Manchin presidency' On The Money: Biden to fire FHFA director after Supreme Court removes restriction | Yellen pleads with Congress to raise debt ceiling 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 TrumpIran claims U.S. to lift all oil sanctions but State Department says 'nothing is agreed' Ivanka Trump, Kushner distance themselves from Trump claims on election: CNN Overnight Defense: Joint Chiefs chairman clashes with GOP on critical race theory | House bill introduced to overhaul military justice system as sexual assault reform builds momentum 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.