JP Morgan CEO says creating wealth tax is "almost impossible"

“I am not against higher taxes for the rich. But I think that doing it through income, instead of calculating wealth, becomes extremely complicated, legalistic, bureaucratic and regulatory, and people find a million ways to escape this situation, ”explains Jamie Dimon.

JP Morgan's chief executive, Jamie Dimon, said he was not against higher rates for the rich, but points out that the creation of a tax on the wealth of the world's richest is not the way forward, "CNBC" advances.

Asked about the proposal by several Democrats in the United States, JP Morgan's CEO explained that "a fortune tax is almost impossible to enforce".

“I am not against higher taxes for the rich. But I think that doing it through income, instead of calculating wealth, becomes extremely complicated, legalistic, bureaucratic and regulatory, and people find a million ways to escape this situation, ”explains Jamie Dimon. adding that "it would only tax income", suggesting that it is more difficult to escape that tax because income is something that has to be declared.

The creation of a wealth tax is something that has divided the richest in the world. While there is a group of multimillionaires who support and defend the creation of the tax, other multimillionaires reject this possibility, avoiding loss of income. Still, tax increases for the wealthier are expected over the next few years, as state governments and the federal government recorded deficits in the 2020 accounts due to the pandemic, due to rising health and social spending .

In 2020 alone, the greatest American billionaires managed to triple their fortune during the pandemic crisis. In fact, the pandemic crisis has caused the fortune of Jeff Bezos, founder of Amazon, to grow by 65% ​​since the month of March, when confinement began in several countries worldwide. With several stores closed, consumers saw commerce online the opportunity to continue making their usual purchases, growing Bezos' fortune.

Still, like the founder of Amazon, many American billionaires are dependent on the appreciation of the New York Stock Exchange and the indexes where their companies are listed. For example, at the close of the New York Stock Exchange session, Bezos added $ 9,21 billion to his fortune (€ 7,9 billion), while Microsoft founder and second richest man in the world, Bill Gates , totaled 1,13 billion dollars (967 million euros).

In turn, Elon Musk saw his fortune fall by $ 5,50 billion (€ 4,7 billion) and businessman Amancio Ortega, founder of the Inditex group, lost $ 1,08 billion (€ 924 million). euros).

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