Summary List Placement
Tax policy has taken center stage in recent weeks. President Joe Biden is aiming to lift tax rates on wealthy Americans and corporations in order to offset the costs of his $2.3 trillion infrastructure proposal. Republicans have balked at the plan, arguing such changes cut into the country’s global competitiveness.
One of the leading voices of Wall Street’s center-left has weighed in, and he said it’s time for a change.
Neither side is particularly right or wrong, JPMorgan CEO Jamie Dimon said Wednesday in an annual letter to shareholders, before going on to say that one side basically is.
A tax-code overhaul can create a more equitable and efficient economy following the coronavirus pandemic, he concluded, highlighting an “extraordinary number” of loopholes and exemptions in the tax code that aren’t about competitiveness and cement economic imbalances that should instead be targeted.
The government should instead focus on redistributing income through tax credits that directly help lower- and middle-income Americans. Measures like the earned income tax credit and the child tax credit improve labor force participation and help economic growth, Dimon said. Exactly that kind of redistribution was included in Biden’s historic $1.9 trillion stimulus passed in March.
Broadly, he wrote that a tax overhaul can …read more
Source:: Businessinsider – Politics