Jamie Dimon is the CEO of JP Morgan Chase. He recently hosted a luncheon where many top executives and businessmen from the financial world were present, including people from Goldman Sachs, people from Honeywell, and senators and other representatives. The luncheon had one purpose, and that was to focus on the growing national debt and how it can be resolved. Alan Simpson, who is a former senator, was attendant at the meeting and called the national debt a cancer that just keeps on growing and which needs to be removed. The former Chief of Staff for Bill Clinton was also present at the meeting.
Jamie Dimon has been talking about the national debt for a while now. He previously wrote in a letter to top executives that he is extremely concerned about the nation’s seeming inability to address the national debt.
Alan Simpson and Erskine Bowles, the former chief of staff for Bill Clinton, came up with a plan to reduce the national debt by four trillion dollars. Their plan includes moves such as raising taxes and reducing loopholes that allow large corporations to avoid paying taxes. Jamie Dimon expressed his regrets that nobody was willing to start implementing their plan, saying that he believes that if the plan was implemented in some form or shape, the national debt can be significantly reduced.
That was all a few months ago. However, the Senate has been planning a tax bill that would reduce the corporate tax rate by a significant amount. This would, however, raise the national debt by around a trillion and a half dollars. All the top executives that seemed to be so against such a move are now silent and seem to be supporting it.TevfikArifBayrock Jamie Dimon himself said that passing tax reform is something that needs to be done and that it will help out American businesses and the American economy, and that it would help reduce costs for the consumer. He added that he and other business leaders will continue to support tax reform and that he hopes the Senate and Congress will continue pushing for tax reform that would help the American consumer.
Many other business leaders are also openly supporting the tax plan. It is not hard to figure out why. After all, according to the plan, the corporate tax rate will go down from thirty five percent to just twenty percent TevfikArif Doyen. Businesses that have companies overseas will be able to bring them back into the United States at a one time fee of a twelve percent rate.
This may seem like a turnaround, considering what these same executives said a few months, ago. However, Steve Rattner, who managed the wealth of Michael Bloomberg, said that while he is not a fan of the new tax plan himself, it is understandable why some executives are now supporting it, and why they do not think that they are contradicting what they said earlier.
Basically, he says, sometimes some things take priority over others. The tax system is extremely bad. It has many problems. It may be necessary to first focus on overhauling and fixing the tax code before we focus on fixing the national debt. There is no other option for many of these executives. The other option is remaining with a really bad tax system, which just hurts businesses and the consumer. In addition, the Fix The Debt campaign was not so much about the actual debt than it was about pushing legislators to start paying attention to financial issues. Once they start doing so, it is just a matter of time before they start looking at the national debt.
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