JPMorgan Chase CEO Jamie Dimon said 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 said: say The Earned Income Tax Credit (EITC) should be expanded to cover all low- and moderate-income workers, regardless of whether they have children.
“Right now, if you're a single mother with two kids making $14,000 a year, the government will give you $6,000. A lot of people don't know about this, so they don't take advantage of it.
I will eliminate the child requirement, I will raise the benefit to $10,000 so that every working person can make $24,000.
That money will go to the families, it will go to the local community, and they will spend it how they want, without government interference. I think that's exceptional.”
The current Earned Income Tax Credit (EITC) system provides low- and moderate-income workers with a refundable tax credit, the amount of which varies based on their income, filing status, and the number of qualifying children they have.
The deduction is phased out as income increases, and in 2023 it will be capped at approximately $17,640 for single filers with no children and approximately $63,398 for married filers with three or more children, above which the deduction is no longer available.
Dimon previously stated He said he would raise taxes on the wealthy to fund the EITC changes.
Dimon said giving low-income people extra benefits could be transformative for families and communities by stimulating local economies and giving struggling Americans a chance to get back on their feet.
“Work creates dignity, so if you incentivize work, work creates dignity, work creates better outcomes for families, it reduces crime, it reduces drugs, it gives incentives for people to get back into the workforce.”
Latest data from the Bureau of Labor Statistics show As of August 2024, 7.1 million Americans are unemployed.
Meanwhile, data collection platform Statista show As of 2022, 8.3% of Americans earn less than $15,000 a year.
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