JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon said he would support paying higher taxes himself if the money were directly used to help struggling Americans rather than absorbed by what he described as wasteful spending in Washington.

Dimon Warns Of A ‘K-Shaped’ US Economy

On Wednesday, speaking at the World Economic Forum in Davos, Dimon said the U.S. economy is increasingly divided, with wealthier households continuing to gain while lower-income Americans fall behind, reported Fortune.

Upper-income earners are doing "far better. They got houses and stock," Dimon said.

Lower-income workers, he added, often lack savings, face tougher job prospects and see limited income growth.

JPMorgan CEO Backs Expanded Tax Credits For Workers

Dimon said one way to address the imbalance is to expand income tax credits, effectively boosting take-home pay for working Americans.

"I would give people working more money as a negative tax," he said, arguing the benefits should not be limited to families with children.

Such an approach, Dimon said, would allow people to spend in their communities and improve their financial stability without government micromanagement.

Dimon said he would accept higher taxes to fund such programs but criticized current federal spending.

"If you said, ‘Raise taxes and directly give it to the people who need it,' I'd do it," he said.

"That's not what happens. It goes to all these interest groups, you know, and they give it to their friends and all that," he added,

He arguing the money instead flows to special interests in what he called Washington's "swamp."

Buttigieg Pushes Affordability, Schiff Warns Dollar Risk

Last week, Former Transportation Secretary Pete Buttigieg urged voters in western Wisconsin to use political power to make everyday life more affordable, arguing that rising costs were not inevitable but shaped by policy.

He highlighted issues like childcare, wages, housing, and healthcare, and criticized the focus on political spectacle.

Economist Peter Schiff countered President Donald Trump's claim that the U.S. subsidized other countries through low tariffs, saying instead that the world subsidized the U.S. because the dollar is the global reserve currency.

He warned that rising debt, tariffs, and geopolitical threats could threaten that status and lead to economic collapse, a view shared by economist Nassim Nicholas Taleb.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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