JPMorgan Chase CEO Jamie Dimon says he supports changes to the tax code that would give working Americans and their families more relief from the IRS.
In a new interview with PBS NewsHour, Dimon says the Earned Income Tax Credits (EITC) should be expanded and apply to all low and mid-income workers, regardless of whether they have children.
“Right now, if you’re a single mother with two children making $14,000 a year, the government gives you $6,000. A lot of people don’t avail themselves of this because they may not know about it.
I would get rid of the child requirement. I would make the benefit $10,000, so that anyone working would make $24,000.
That money would go to the families. It would go into their communities. It would be spent the way they think it should be spent without government interference. I think it would be exceptional.”
The current Earned Income Tax Credit (EITC) system offers refundable tax credits to low and moderate-income workers, with the amount depending on income, filing status and number of qualifying children.
The credit phases out as income increases, with 2023 caps around $17,640 for single filers without children and $63,398 for married filers with three or more children, beyond which the credit is no longer available.
Dimon has previously stated that he’d fund EITC changes by raising taxes on the wealthy.
According to Dimon, giving additional benefits to low-income earners could transform families and communities by stimulating the local economy and giving struggling Americans the opportunity to stand on their own feet.
“Jobs create dignity. So you incentivize jobs, jobs create dignity, jobs create better outcomes for families, less crime, less drugs and you would incentivize people back in the workforce.”
The latest data from the Bureau of Labor Statistics shows that 7.1 million Americans are unemployed as of August 2024.
Meanwhile, data-gathering platform Statista shows that 8.3% of Americans are earning under $15,000 per year as of 2022.
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