JPMorgan CEO Dimon: I'll pay more in individual taxes

[highplainsdem]

Source: Reuters

(Reuters) - The chief executive of JPMorgan Chase & Co, Jamie Dimon, waded into the U.S. fiscal debate on Wednesday when he said he was willing to pay a higher individual tax rate while calling for lower corporate taxes so U.S. business can compete in a global economy.

"I don't mind paying 39.6 percent in taxes," Dimon said in an interview in Washington at the Council on Foreign Relations, backing the Democrats' position. He added he might back an increase in the capital gains tax rate to 20 percent, another proposal by President Barack Obama.

-snip-

Dimon is one of several CEOs lobbying lawmakers to create more certainty around tax and budget issues, as the United States faces a "fiscal cliff" of $600 billion in tax hikes and spending cuts should Congress fail to act by the end of the year.

Read more: http://www.reuters.com/article/2012/10/10/us-jpmorgan-dimon-taxes-idUSBRE8991DI20121010

[BeyondGeography]

1. Interesting...must be another JPM shitstorm coming

Jamie expects Obama to win and is kissing up.

[closeupready]

2. Nothing stopping you from sending in a check.

If you think your tax burden is too low.

[cstanleytech]

3. I am willing to discuss lower taxes for corporations provided

that all government subsidies for corporations are stopped first and each and every tax loophole is closed for them.

[aquart]

5. Very reasonable approach.

And perhaps a hefty penalty for incorporating offshore. Tricky, but worth unpleasant discussions.

[aquart]

4. 39.6, my ass. WE ARE AT WAR.

85% from all sources after first $7 million. Limitations on foundations. High death duties after first $7 million.

They made it legal to steal from us. Let's make it legal to take it back.

[JI7]

6. hahha, top rate should be like 90 percent

[davidwparker]

7. I want him to pay more in corporate taxes, too.

Maybe he'll threaten to move operations offshore if we make him.

1. Would we notice the difference?
2. Good. It gives those here the ability to move their money to regional credit unions and banks.

[yardwork]

8. I would be willing to lower the corporate tax rates if they would stop outsourcing.

A Democratic Congress with a spine might be able to work that out. I doubt the U.S. gets much revenue in corporate taxes because the companies all tax-evade like crazy. Lowering the corporate tax rate in return for some domestic job protections would be a good deal.

Multi-millionaires should be willing to pay a high tax rate on their personal income. It's not like they won't still have millions in disposable income sloshing around.

[Canuckistanian]

9. That's mighty white of him

After all, he made his millions at the higher tax rate under Clinton, so obviously it could be raised even higher than that.

[bemildred]

10. Sorry Jamie, the corporations need high progressive taxes to force them to re-invest.

It's pretty clear that a lot of managers and CEOs will gut their companies to extract money for themselves when left to their own devices.