The U.S. tax code is uncompetitive and overly complex, and it’s time for politicians and special interests to set aside partisan interests and pass reform legislation, JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said.
“Let’s judge any proposal on whether or not it will result in greater economic growth, more jobs and higher wages while allowing American businesses to be competitive internationally,” Dimon wrote in an opinion column for NBC News published Wednesday. “If so, let’s get it done.”
Dimon said a general tax reform framework released by Republican leaders of Congress and the Trump administration last month “has all of the key ingredients to fuel economic expansion.” Reducing the corporate tax rate to 20% from the current 35%, as the plans calls for, could support the creation of as many as 2 million new jobs if the savings were funneled in that direction, Dimon said, citing a study by the accounting firm EY.
JPMorgan, which reports third-quarter results on Thursday, would have seen a bump of about $1.5 billion to 2016 profit if the lower rate were in place, according to bank filings and Bloomberg calculations.
Dimon, 61, chairman of the Business Roundtable, has waded into U.S. politics in recent months as he takes a broader view after more than a decade running JPMorgan, the nation’s largest bank. About a third of his 45-page annual letter to shareholders this year addressed public policy.