Jamie Dimon Supports 'Buffett Rule' for Tax on Millionaires

In a recent interview with PBS, JPMorgan Chase CEO Jamie Dimon expressed his support for the "Buffett Rule," which proposes a minimum effective tax rate of 30% for individuals earning over $1 million annually. Dimon emphasized the need to address the national debt, which has exceeded $35 trillion, while still prioritizing essential spending on defense, infrastructure, and tax credits for low-income earners. He believes that a balanced approach to taxation and spending is achievable. Dimon referenced billionaire investor Warren Buffett's concerns about income inequality, highlighting the disparity in tax rates between high earners and their employees. Buffett, who has a net worth of $138 billion, famously noted that he pays a lower tax rate than his secretary, underscoring the inequities in the current tax system. Dimon suggested that implementing a tax structure similar to the Buffett Rule could help rectify these disparities. Despite the progressive changes in the tax code in recent years, wealth inequality remains a pressing issue. The IRS reported that in 2021, the top 1% of earners paid an average tax rate of 25.9%, significantly higher than the 3.3% rate for the bottom 50%. This growing divide has raised questions about the effectiveness of the current tax system in addressing economic disparities. The U.S. has not seen a budget surplus since 2001, when it recorded a surplus of $128 billion. Since then, various crises, including the war on terror and the COVID-19 pandemic, have contributed to the escalating national debt, prompting calls for a reevaluation of fiscal policies.