JPMorgan CEO Jamie Dimon went scorched earth on President Biden's tax plan, which would raise the current corporate tax rate from 21% to 28%, arguing that it would result in capital flight out of the United States.
"The tax increase is actually four times what the tax decrease was from 2017," Dimon said during a Thursday virtual hearing before the US House Committee on Financial Services. "You all know the phrase the devil is in the details, well the details here are all that matter, not the top line of 28%."
"If you want to have a healthy, growing, competitive America against the rest of the world, you need a global, competitive tax rate," Dimon added. "It would be detrimental to a lot of companies, it would push a lot of capital overseas."
Dimon cast doubt on the Biden tax plan earlier this month, calling it 'a little crazy,' however today's comments mark the strongest pushback yet from the top banker.
"We’re just throwing money. It doesn’t work," Dimon said in a recorded interview for the JPMorgan general membership meeting on May 6, adding "I’m concerned about how the money’s going to be spent."
"We already waste tremendous sums of money."