Dimon says he's willing to pay higher taxes, but government spending needs to be more effective

  • J. P. Morgan's Jamie Dimon tells CNBC he would support paying higher taxes as long as those tax dollars go "where they can be most effective."
  • The comments come amid a debate about whether the wealthiest Americans should shoulder higher taxes, a proposal supported by newly elected Rep. Alexandria Ocasio-Cortez of New York and established Sen. Elizabeth Warren of Massachusetts, both Democrats.

J. P. Morgan Chase CEO Jamie Dimon has "no problem" paying higher taxes, as long as government spends that money wisely.

In a statement to CNBC, Dimon said "I believe that individuals earning the most can afford to pay more, and I have no problem paying higher taxes to address some of the fundamental challenges and inequities in our society."

He added, "However, we need to ensure that our tax dollars are going where they can be most effective — like expanding the earned income tax credit and other programs that support the people and communities who really need it."

The comments come amid a debate about whether the wealthiest Americans should shoulder higher taxes, a proposal supported by newly elected Rep. Alexandria Ocasio-Cortez of New York and established Sen. Elizabeth Warren of Massachusetts, both Democrats.

Jamie Dimon, CEO of JP Morgan Chase, speaking at the 2019 WEF in Davos, Switzerland on Jan. 23rd, 2019.
Adam Galica | CNBC
Jamie Dimon, CEO of JP Morgan Chase, speaking at the 2019 WEF in Davos, Switzerland on Jan. 23rd, 2019.

Dimon was just in Davos, Switzerland, at the World Economic Forum, a gathering of corporate chiefs, celebrities and policymakers. Ocasio-Cortez has proposed a 70 percent tax rate on earnings above $10 million, an idea that wasn't embraced wholeheartedly by the billionaires and millionaires gathered at the annual meeting.

Warren, who recently announced her 2020 candidacy, has proposed a "wealth tax" on those with more than $50 million in assets, less than 0.1 percent of U.S. households.

In the statement on Wednesday, Dimon also told CNBC, "I've also argued for fair and competitive corporate taxes in the U.S. so that America will be the best place in the world to invest and create jobs."