KEY POINTS
  • Jamie Dimon took aim at a host of carve-outs and loopholes in the tax code that serve special interests rather than the long-term benefit of the country.
  • He specifically called out state and local taxes.
  • The JPMorgan Chase CEO said just five states continue to fight for unlimited state and local tax deductions because those states reap 40% of the benefit.

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Jamie Dimon, chief executive officer of JPMorgan Chase & Co.

Democrats pushing for a repeal of the SALT cap have an unlikely opponent: Jamie Dimon.

In his annual shareholder letter, the chairman and CEO of JPMorgan Chase took aim at a host of carve-outs and loopholes in the tax code that serve special interests rather than the long-term benefit of the country. Specifically, he said "state and local governments are equally to blame" because of their efforts to repeal the $10,000 cap on state and local tax deductions.

In this article