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

October 10, 2012 19:50


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WASHINGTON - The chief executive of JPMorgan Chase & Co, Jamie Dimon, waded into the US fiscal debate on Wednesday when he said he was willing to pay a higher individual tax rate while calling for lower corporate taxes so US 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 December 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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