Big Bank CEOs Lament Paying Fair Tax Share Despite Biden Infrastructure Plan’s Benefits to Business
WASHINGTON, D.C. — At today’s House Financial Services Committee hearing, CEOs of some of America’s largest mega banks once again condemned potential corporate tax increases in President Biden’s infrastructure plan that would help fund support for working Americans. But these same CEOs and their companies made tens of billions of dollars during the public health crisis while Americans struggled through widespread pay cuts and job losses.
JPMorgan Chase CEO Jamie Dimon lamented a corporate tax bump, saying it would be “detrimental” and “push a lot of capital overseas.” But according to an analysis by government watchdog Accountable.US, JPMorgan Chase made over $50 billion in profits during the pandemic year, with CEO Jamie Dimon personally raking in more than $31 million.
“Big banks like JP Morgan Chase and their ultra-wealthy CEOs made out like bandits during the COVID-19 crisis, boasting sky-high profits as Americans across the country struggled to make rent and feed their families. After avoiding paying their fair share for years, big banks now complain they can’t afford to pay a little more to improve the nation’s roads and bridges,” said Kyle Herrig, president of Accountable.US. “It’s astounding that rich executives like Jamie Dimon can tout their banks’ alleged commitments to helping women and people of color while refusing to pay their fair share in taxes to help fund programs that would actually support them.”
While Dimon tried to argue that increased taxes would hurt the nation’s global competitiveness, the U.S. already ranks 13th in the world for infrastructure. It remains unclear how refusing to fund infrastructure improvements would help hone that competitive edge.
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