JPMorgan CEO Dimon: I'll pay more in individual taxes
JPMorgan Chase & Co CEO Jamie Dimon gestures as he talks about the state of the global economy at a forum hosted by the Council on Foreign Relations (CFR) in Washington October 10, 2012. The chief executive of JPMorgan Chase & Co said he should have caught the "London whale" derivatives trades that resulted in a multibillion-dollar loss for the bank. REUTERS/Yuri Gripas (UNITED STATES - Tags: POLITICS BUSINESS)
Image by: YURI GRIPAS / REUTERS
Image by: YURI GRIPAS / 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.
Republicans want to extend low rates that expire on Dec. 31 for all income groups, while Obama and Democrats want to extend the lower rates only for households earning up to $250,000.
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.
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